Vermont Business Income Tax Return Instructions (For Subchapter S Corporations, Partnerships, And Limited Liability Companies)

Facsimile Substitute Forms

Appeals

Any facsimile or substitute form must be approved by the

All appeals for any return adjustment, assessment, bill, and reduced

Department of Taxes prior to its use. If you use computer‑generated

refund should be addressed to: Vermont Department of Taxes, PO

Box 1645, Montpelier, VT 05601‑1645. Appeals must be received

returns, the software company is responsible for requesting approval

within 60 days of the notice of adjustment, assessment, or denial

and receiving an assigned bar code. A $25 fee may be assessed for

a taxpayer or preparer who files returns that cannot be processed

of refund.

or require special steps to process. Call (802) 828‑2512 for further

information on facsimile or substitute forms.

FORM BI-471

2012 BUSINESS INCOME TAX RETURN INSTRUCTIONS

Please use blue or black ink only.

Please do not staple or bind your return. You may use binder clips, paper clips or rubber bands.

HEADER INFORMATION ‑ Please complete all fields that apply.

not required to file Form BI‑471 or pay the annual entity tax. The

Parent corporation is required to file a Vermont business income tax

Name/Address Print or type the entity name and address in the space

return and is subject to the minimum tax. If a QSSS has been filing

provided. Check the “International” box if the address is outside

Vermont returns, mark this exception box, and mark the return final,

the United States. Check the “Computer-Generated” box if you

which will cancel the account. Include a statement identifying the

do not want us to send you a blank form next year.

entity that files Vermont business income tax returns.

Box A Check all applicable boxes for the characteristic(s) of the

Line-by-Line Instructions

return. If filing as a composite filer, note that you are making a

binding election. See Technical Bulletin (TB‑05).

Line 1 Enter the minimum entity tax of $250. Enter multiples of

the minimum tax if filing a composite return including entities (not

Box B Enter your Federal Identification Number. Enter the

beginning and ending dates of the fiscal year in the requested

just individuals) and composite tax is less than what the minimum

tax would be if each entity filed separately. If you are not filing

format (YYYYMMDD.)

a composite return, then go to Line 4. If a composite filer, see

Box C Enter the primary 6‑digit North American Industrial

Technical Bulletin (TB‑05).

Classification System (NAICS) number.

See

Line 2 For Composite returns only, enter the income passed through

if you do not know your company’s code.

to nonresidents and taxed at the composite rate. This is the number

Box D Check the box indicating the Federal tax form filed. See

from Form BI‑472, Line 12 or BI‑473, Line17.

Line 1 instructions below if the entity is permitted to file as an

individual/sole proprietor.

Line 3 Multiply Line 2 by the composite tax rate of 7.80%. Enter

the result.

Boxes E, F, G – Answer the three questions.

Line 4 Subchapter S Corporations subject to federal income tax on

Box H –

Vermont income, including income passed through to

items such as built‑in gains, capital gains, or LIFO recapture, apply

individuals, must be calculated without regard for federal “bonus”

the corporate income tax rate provided in the instructions for Form

depreciation allowed certain assets starting in 2008 under IRC

CO‑411 to the Vermont apportioned/allocated tax base. Enter the

168(k). If the entity took advantage of the bonus depreciation

tax due on Line 4. Provide a statement that details the nature and

provisions, enter the net adjustment to entity income if the bonus

calculation of the tax amount.

depreciation was not allowed. Attach a statement to detail the

Line 5 Total Tax Due Add Lines 1, 3, and 4.

difference. If the entity did not take advantage of the bonus

depreciation provisions in 2008 ‑ 201, enter “0.”

Line 6 Payments and Credits Enter amount from side 2, Line 16.

Tax Computation Section

Line 7 Balance Due If Line 5 is greater than Line 6, enter the

difference and include check payable to “Vermont Department

Exceptions

of Taxes.” All tax is due at the original filing date, regardless of

SMALL FARMS as defined in Title 32 V.S.A. §5832(2)(A), pay

extension of time to file the return.

an annual entity tax of $75.00. The entity must be solely owned by

Line 8 Refund If Line 6 is greater than Line 5, enter the amount,

active participants and have gross receipts of less than $100,000. A

if any, you would like refunded.

real estate venture is not considered a farm. Partnerships and LLCs

must provide a copy of the Federal Schedule F.

Line 8a Credit Forward If Line 6 is greater than Line 5, enter the

amount, if any, you would like credited to the next tax year.

ENTITIES with NO VERMONT ACTIVITY or TAXABLE

INVESTMENTS are not required to pay the annual entity tax.

Schedule 1 Tax Payments and Credits Computations

Line 9 Enter the amount of overpayment/credit applied to next

PA RT N E R S H I P S e l e c t i n g N O T t o b e TA X E D A S

PARTNERSHIPS, under Internal Revenue Code Sec. 761 or

year’s taxes.

Check‑the‑Box Regulations are not required to pay the annual entity

Line 10 Enter the amount of estimated tax payments and any

tax. Provide a statement as to the election being taken and cite

payment made with your extension application.

the authority for the election.

QUALIFIED SUBCHAPTER S SUBSIDIARIES permitted to file

with their parent corporation under the Internal Revenue Code are

Vermont Business Income Tax Return Instructions (For Subchapter S Corporations, Partnerships, And Limited Liability Companies) - 2012 Page 3

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