Vermont Corporate Income Tax Return (Co-411) Instructions (Page 4 of 5) in pdf

Effective for tax years beginning on or after January 1, 2007.

TAX COMPUTATION SCHEDULE

IF VERMONT NET INCOME IS TAX IS

$10,000 or less ........................................................................................................................................ 6.0% (or minimum tax, per VT Gross Receipts).

$10,001 to $25,000 .............................................................................................................................................. $600 plus 7.0% of excess over $10,000.

$25,001 and over . ............................................................................................................................................. $1,650 plus 8.50% of excess over $25,000

If Vermont Gross Receipts are:

Minimum Tax is:

(b) Enter the amount of estimated payments made on behalf of this

company by pass-through business (S-Corp, Partnership, or LLC)

$2,000,000 or less . . . . . . . . . . . . . . . . . . . . . . . . .$300

of which this corporation is a shareholder, partner, or member.

$2,000,001 - $5,000,000 . . . . . . . . . . . . . . . . . . . .$500

Payments would have been made by the pass-through business using

$5,000,001 and over . . . . . . . . . . . . . . . . . . . . . . .$750

Vermont Form WH-435. The entity’s business income tax return

must be filed in order to receive credits for the payments.

Exceptions to the minimum tax are:

1. SMALL FARM CORPORATIONS as defined in Title 32 V.S.A.

RW-171, Schedule A). REW would have been paid on your behalf

§ 5832(2) (A), pay an annual entity tax of $75.00. The entity must

by the buyer of VT real estate that you sold.

be solely owned by active participants and have gross receipts of

less than $100,000.

(d) Enter the amount of prior year overpayment applied to the current

year taxes.

2. INACTIVE CORPORATIONS are not required to pay the annual

entity tax. Inactive corporations are non-Vermont corporations with

(e) Total Payments - Add Lines 14(a) through 14(d). Enter the result

no taxable activity or investments in this state that file to keep the

here.

account active, or Vermont corporations which have neither receipts

NOTE: If any payments were made by another entity on behalf of

nor expenses other than minimal start-up or close-out expenses. If

this company (Lines 14(b) or (c)), provide a statement identifying the

the account is to remain active with the VT Department of Taxes,

amount(s) and type(s) of payment(s), and the payor’s name and FEIN.

then the minimum tax is due. Check the appropriate box if an

Line 15 Balance Due - Subtract Line 14(e) from Line 13. If the amount

exception applies and provide documentation to support the

on Line 15 plus applicable penalties, late fees and interest is greater

claim.

than the amount on Line 14(e), enter the difference here. This is the

3. HOMEOWNERS AND CONDOMINIUM ASSOCIATIONS

amount due with the return.

that file Federal Form 1120-H are not required to pay the Vermont

If the amount on Line 13 is less than Line 14(e), the difference is an

minimum corporate tax. If the association does not make this

overpayment to be either refunded or carried forward to the next tax year.

election, then it is subject to the regular corporate rates and must

pay the minimum tax and any additional income tax due based on

Line 16 Overpayment to be Applied to next year - Enter the amount of

the rates. Include a copy of the 1120-H if claiming this exception.

overpayment to be applied toward next year’s corporate income taxes.

Line 12 Credits Enter the total amount of Vermont tax credits claimed

Line 17 Overpayment to be Refunded - Enter the amount of the

from Form BA-404, Part II, Column C, Line 23. Attach authorization

overpayment to be refunded.

documents, documentation, and calculations as required by the program

Line 18 Vermont Gross Receipts - Enter the total gross receipts for

guidelines of the credit being claimed. If this is a consolidated return, the

the corporation attributable to Vermont. Gross receipts are the total

credit(s) are applied to each subsidiary’s share of Vermont tax. After these

amounts the organization received from all Vermont sources during its

credits are calculated for each eligible subsidiary, they are summarized

annual accounting period, without subtracting any costs or expenses.

on this line for the consolidated return.

The amount of the gross receipts may not be less than $0.

The VT Department of Taxes has final authority in applying any credits

Be sure to sign and date the return. Provide a phone number to

against tax liability. Call (802) 828-5723 if you have questions regarding

expedite resolution of any issues that may arise. Check the box if you

credit calculations or requirements.

authorize the VT Department of Taxes to contact your tax preparer

NOTE: Line 12 generally cannot be more than 80% of Line 11, and

directly with any questions about this return.

cannot reduce tax below the minimum tax.

Send Form CO-411 with all required information to the “Tax Returns

Line 13 Tax Apply Line 12 Credit against the Line 11 Liability and enter

and Correspondence” address below.

the amount of Vermont tax due. Subtract Line 12 from Line 11 and enter

NOTE: All appeals for any return adjustments, bills, assessments, and

the result but not less than the minimum tax.

reduced refunds should be addressed to PO Box 1645, Montpelier, VT

Line 14 Payments

05601-1645.

(a) Enter the total amount of Estimated Payments and payments with

Extension made for this tax year.

Contacting the Department

Appeals:

Tax Returns and Correspondence:

Taxpayer Services: (802) 828-5723

Vermont Department of Taxes

E-mail Address: tax.corporate@state.vt.us

PO Box 1645

133 State Street

Website Address:

Montpelier, VT 05601-1645

Montpelier, VT 05633-1401

Fax:

(802) 828-5787

Forms: (802) 828-2515

Vermont Corporate Income Tax Return (Co-411) Instructions Page 4

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