Vermont Business Income Tax Return (Form Bi-471) Instructions (Page 5 of 5) in pdf

Signature Section

Vermont tax on the Schedule K‑1VT income only, excluding wages

received from the entity. The credit available is calculated as follows:

The return must be signed by an officer or agent of the entity and

Divide the Schedule K‑1VT net income by the individual’s Vermont

the preparer. Please make you check payable to the Vermont

adjusted gross income (VT AGI). Multiply the results by the

Department of Taxes. Please write your FEIN number on your

individual’s pre‑credit Vermont income tax and then multiply that by

check and clip your check to the front of your return. Please do not

80%. The result is the individual’s available credit from all sources.

staple the check to your return.

These credits can be applied against 80% of the entity’s composite

Send Form BI-471, the first 5 pages of the federal return, and all

tax liability but may not reduce the liability below the minimum

supporting Vermont schedules and statements to the address listed

entity tax. The Downtown Development Board {(802) 828‑3047}

below. If authorizing the Department of Taxes to discuss this return

authorizes tax credits for rehabilitation and improvements of historic

qualified buildings located within Designated Downtown districts.

and attachments with your preparer, check “Yes” for this question.

This will not authorize the Department of Taxes to discuss the filing

Claiming these non‑EATI credits, as well as the Business Solar

status of the shareholders, partners or members. Each individual

Energy Investment credit requires a credit calculation schedule,

must authorize such disclosure.

a credit allocation schedule, a copy of the original authorizing

document (as applicable), and substantiating documentation which

Notes on Pass-through Tax Credits:

must be attached to the return. See the instructions for Form BA‑404

Unless a composite return is being filed, credits are passed through to

for more guidance. The VT Department of Taxes has final authority

the shareholders, partners, or members and reported on the Schedule

in applying any credits against tax liability. Call (802) 828‑5723 if

K‑1VT and Form BA‑404. Credit calculation schedules and credit

you have questions regarding credit calculations or requirements.

allocation schedules must be attached to the return, along with any

other documentation required by the credit program. The credit

amounts available are generally limited to 80% of the taxpayer(s)

Contacting the Department

Mailing address:

Taxpayer Services: (802) 828‑5723

Email Address:

tax-corporate@state.vt.us

Vermont Department of Taxes

Web Site Address:

133 State Street

Fax:

(802) 828‑5787

Montpelier, VT 05633-1401

Forms:

(802) 828‑2515

BI-471 Instructions

Rev. 10/13

Vermont Business Income Tax Return (Form Bi-471) Instructions Page 5

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