Vermont Business Income Tax Return (Form Bi-471) Instructions

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VERMONT BUSINESS INCOME TAX RETURN INSTRUCTIONS
(For Subchapter S Corporations, Partnerships, and Limited Liability Companies)
Form Summary List:
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Form BI-471 Vermont Business Income Tax Return For use
Form BA-404 Tax Credits Earned, Applied, Expired, and
by those entities not filing federally as a C Corporation to calculate
Carried Forward For use by those entities awarded Economic
Advancement Tax Incentive (EATI) Credits or claiming credit
Vermont business income tax liability. These entities include
Subchapter S Corporations, Partnerships and Limited Liability
incentives for New Jobs; Charitable Housing; Rehabilitation
Companies that elect to be treated as S‑Corps or Partnerships for
of Certified Historic Buildings; Older or Historic Buildings
federal filing purposes.
Rehabilitation; Flood Recovery; Affordable Housing; Platform Lifts,
Elevators, Sprinkler Systems; Code Improvements to Commercial
FORM BI-471 IS THE FIRST PAGE OF EVERY RETURN
Buildings; Business Solar Energy Investments or Qualified Sale of
AND THE RETURN IS INCOMPLETE WITHOUT IT.
Mobile Home Park.
Form BI-472 Subchapter S Corporation Schedule For use
Form BA-405 Expired EATI Credits: Annual Activity Report
by those entities filing Federal Form 1120S and having Vermont
For use by entities for each of the six years following the end of the
nonresident members to calculate net income apportioned and
EATI authorization period.
allocated to Vermont.
Form WH-435 Estimated Income Tax Payments For
Form BI-473 Partnership/Limited Liability Company Schedule
Nonresident Shareholders, Partners, or Members For use by
For use by those entities filing Federal Form 1065/1065‑B and
those entities making estimated tax payments for its non‑Vermont
having Vermont nonresident members to calculate net income
shareholders, partners or members, as required by 32 V.S.A. §§ 5914
apportioned and allocated to Vermont.
& 5920. See Technical Bulletin 06 for details.
Form BA-402 Apportionment & Allocation Schedule For use
Schedule K-1VT Shareholder’s, Partner’s or Member’s
by all taxable entities having activity (income or losses) in at least
Information For all shareholders, partners or members
one state/province other than Vermont.
summarizing the Vermont net taxable income, Vermont nonresident
Form BA-403 Application for Extension of Time to File Vermont
estimated payments, all eligible credits, and adjustment due to
Corporate/Business Income Tax Return For use by those entities
Vermont’s disallowance of IRS “bonus” depreciation.
requesting more time to file their Vermont Corporate or Business
Note: Distribution of nonresident estimated
Income Tax Return.
payments will not happen if Schedule K-1VTs are
not attached and correct.
Entities holding Federal extensions may file thirty days after the
Who Must File
extended Federal due date. These Entities must file Form BA-403,
Effective for tax years beginning on or after January 1, 1997,
Application for Extension of Time to File Vermont Corporate/
every Subchapter S Corporation, Partnership and Limited Liability
Business Income Tax Return, by the original return due date. An
Company which engages in activities in Vermont must file a return
extension of time to file does not extend the time to pay the tax due.
with the Commissioner of Taxes. This includes entities receiving
Any tax due, including the Vermont minimum tax, must be paid by
income as a shareholder, partner or member.
the original due date of the return. Any tax due which is unpaid by
NOTE: Single member LLCs which have elected to be classified
the original due date will accrue interest and late payment penalties.
for federal purposes as disregarded entities and report their entity’s
What to Include with the filing:
activity on Form 1040, Schedule C are not required to file Form
BI ‑471.
Form BI‑471
For years 2013 and
Dates for Filing and Payments
Form BA‑402 – Required
later, please see the
if the entity had income,
“STREAMLINED
Subchapter S Corporation, Partnership and Limited Liability
loss, or activity in any
RETURN
Company returns are due on the date prescribed for filing under
INSTRUCTIONS” for
jurisdiction other than
the Internal Revenue Code. For calendar year Subchapter S
entities that are 100%
Vermont.
Corporations, this date will generally be March 15th. For fiscal
owned by Vermont
year Subchapter S Corporations, the return is due the 15th day of
S c h e d u l e
B I ‑ 4 7 2
residents. These
the 3rd month following the end of the fiscal year. Calendar year
(S‑Corps) or BI‑473
instructions are at the
(Partnership/LLC) –
Partnership and Limited Liability Company returns are generally
end of the Line-by-Line
due April 15th, and fiscal year returns are due the 15th day of the
Required if the entity has
Instructions.
4th month following the end of the fiscal year.
non‑Vermont‑resident
owners. Entities owned
The payment of the annual entity tax of $250 and any additional
100% by Vermont residents may complete and submit the
composite tax is due on or before the original due date of the return.

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