Vermont Business Income Tax Return (Form Bi-471) Instructions Page 4
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5Line-by-Line Instructions
tax liability, and generally may not reduce tax beneath the $250
minimum entity tax. Include Form BA‑404 and all documentation
Line 1 Enter the minimum entity tax of $250. Enter multiples of
required by the credit program in which you participate. See the
the minimum tax if filing a composite return including entities (not
additional notes regarding credits below.
just individuals) and composite tax is less than what the minimum
tax would be if each entity filed separately. If you are not filing a
Line 14 Add Lines 9 and 10 and 11, 12, and 13, if a composite filer.
composite return, then go to Line 4.
Line 15 Use this line only if filing a composite return. Enter the
Line 2 For Composite returns only, enter the income passed through
total estimated payments made for all nonresidents of Vermont
who have consented to be included in this composite filing. These
to nonresidents and taxed at the composite rate. This is the number
from Form BI‑472, Line 12 or BI‑473, Line17.
payments would have been made with Form(s) WH‑435 indicated
as composite.
Line 3 Multiply Line 2 by the composite tax rate of 7.80%. Enter
Line 16 Total payments and credits. Add Lines 14 and 15. Enter
the result.
the total here and on Side 1, Line 6.
Line 4 Subchapter S Corporations subject to federal income tax on
items such as built‑in gains, capital gains, or LIFO recapture, apply
Line 17 If the business had non‑Vermont‑resident owners, enter the
the corporate income tax rate provided in the instructions for Form
total amount paid as nonresident estimated payments for the current
CO‑411 to the Vermont apportioned/allocated tax base. Enter the
tax year, including any catch‑up payment, if applicable. Include
tax due on Line 4. Provide a statement that details the nature and
any amount paid towards composite tax liability. Also include any
calculation of the tax amount.
amount of nonresident estimated payments made by another entity
on your company’s behalf. If such payments were made, include a
Line 5 Total Tax Due Add Lines 1, 3, and 4.
statement indicating the name(s) and FEIN(s) of the company(ies)
Line 6 Payments and Credits Enter amount from side 2, Line 16.
that made the payment(s), and the amount of payment(s).
Line 7 Balance Due If Line 5 is greater than Line 6, enter the
Line I Enter the total number of shareholders, partners or members
difference and include check payable to “Vermont Department
receiving a distributive share of income or loss.
of Taxes.” All tax is due at the original filing date, regardless of
Line J Of the above, how many are Vermont residents? (SeeTB‑06
extension of time to file the return.
for residency guidelines for entities.)
Line 8 Refund If Line 6 is greater than Line 5, enter the amount,
Line K How many are non‑Vermont residents?
if any, you would like refunded.
Line 8a Credit Forward If Line 6 is greater than Line 5, enter the
Line L Check the box if Sec. 5920(f) or Sec. 5920(g) exemptions
from nonresident estimated payments for affordable housing or
amount, if any, you would like credited to the next tax year.
federal new market credits apply. Attach authorization document
Schedule 1 Tax Payments and Credits Computations
from the applicable program.
Line 9 Enter the amount of overpayment/credit applied to next
STREAMLINED RETURN INSTRUCTIONS
year’s taxes.
Line 10 Enter the amount of estimated tax payments and any
For entities that are 100% owned by Vermont residents
payment made with your extension application.
Starting with tax year 2013, Vermont is offering a streamlined
Lines 11, 12, and 13. (Composite Filers Only)
return package for pass‑through entities that are owned entirely
by Vermont residents and have no requirement for nonresident
(Estimated payments and credits usually pass through to the
estimated payments under 32 V.S.A. Sec. 5914 or 5920, and thus
owners. For a composite filing, they are credited against tax due
are only responsible for the $250 minimum tax. If all these criteria
at the entity level).
are met, the entity can file form BI‑471 only, and is not required to
complete and attach Schedules BA‑402, BI‑472/3, or K‑1VT(s).
Line 11 Enter the amount of payments from nonresident real estate
withholding (from Form RW-171, Schedule A) paid by another
In order to facilitate timely and accurate processing, please ensure
entity on behalf of this one, to be credited against composite tax
that the following items are completed truthfully and accurately:
liability.
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Line E = “No”
Line 12 Enter the amount of estimated tax payments made for
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Line 1 = $250
you by a pass‑through entity of which you are a nonresident
shareholder, partner, or member, to be credited against composite
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Lines 2,3 = 0
tax liability (This would be a payment made by another entity on
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Line 17 = $0
your behalf using Form WH-435. That entity’s BI‑471 must have
been processed by the Department in order for credit to be applied
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Line I = Line J
properly,)
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Line K = 0
Line 13 Enter the total amount of Vermont tax credits applied.
Do include a copy of the first 4/5 pages of the federal return filed,
Attach Form BA‑404. This line is only for those entities filing a
as directed above.
composite return and reporting the portion of those credits for those
DO NOT INCLUDE SCHEDULES
nonresidents who have consented to be included in this composite
BI-472, BI-473 OR K-1VT’S,
filing. Credits can be applied to offset a maximum of 80% of
this will delay processing.
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