Vermont Corporate Income Tax Return Instructions

2012 VERMONT CORPORATE INCOME TAX RETURN INSTRUCTIONS

“MIXED FORMS” WARNING - The Department of Taxes CANNOT process a return package which includes Vermont forms and

schedules from multiple sources. All forms and schedules must be from the same software vendor, or all original Department issued

forms. Filing a package of forms from different sources will result in delayed processing, a request for a processable return, and the

assessment of a manual processing fee.

NOTE: Affiliated businesses conducting Unitary operations subject to the combined reporting requirements of 32 V.S.A. §5862(d) must

file Form CO-411-U, not CO-411. This is a different form than the corporate income tax return, and has its own instructions.

• Federal statements regarding other income and deductions, net

NEW for 2012:

• For tax years beginning January 1, 2012 and later, minimum

operating losses, and taxes and licenses

tax structure has changed. Minimum tax is no longer $250, but

• Copy of the federal extension filed, if granted

is $300, $500, or $750 depending on Vermont Gross Receipts.

PLEASE DO NOT SUBMIT A COMPLETE COPY OF YOUR

See instructions, Lines 1 and 18, for details.

FEDERAL CORPORATE INCOME TAX RETURN.

• Clarification - Vermont Net Operating Loss may not be carried

FILING INSTRUCTIONS

back, but is available to carry forward even if the company has

Please use blue or black ink only.

elected to carry back the operating loss for federal purposes.

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

Please include ONLY the following forms and schedules with your

paper clips or rubber bands.

return:

If you are submitting a check with your return, please paper clip your

• Form CO-411 - Vermont Corporate Income Tax Return,

check to the first page of the return. Please do not staple the check to

• All Applicable Vermont schedules and statements, as described

the return, or place it in between pages of the return.

in the instructions below

Substitute Forms - All substitute forms must be approved by the

• The first five pages of the federal corporate tax return

Department of Taxes prior to use. If you use computer generated returns,

• Vermont Net Operating Loss statement and summary, if applicable.

the software company is responsible for requesting approval from the

(See specific instructions below)

Department and receiving an assigned bar code.

• Federal Form 4562 as filed and pro-forma, if company has elected

A $25 fee will be assessed for a taxpayer or preparer who files returns

to take special “bonus” depreciation {IRC 168(k)}

that cannot be processed or require special steps to process.

Call (802) 828-2512 for further information on substitute forms.

Form Summary List

Form S-1 Registration For use by all taxable entities registering to do

Schedule BA-410 Affiliation Schedule For use by those entities electing

business in Vermont.

to file a Vermont consolidated return per 32 V.S.A. §5862(c).

Form BA-402 Apportionment & Allocation Schedule For use by all

Form CO-411 Corporate Income Tax Return Required by those entities

taxable entities having activity (losses or income) in Vermont and at

filing federally as a C Corporation to report Vermont income tax

least one other state/province.

liability. (If required to file a combined report for an affiliated group

of corporations conducting unitary business {32 V.S.A. §5862(d)},

Form BA-403 Application for Extension of Time to File Vermont

use Form CO-411-U and Schedule(s) CO-421.)

Corporate/Business Income Tax Return For use by all taxable

Form CO-414 Corporate Estimated Tax Payment Voucher

entities requesting more time to file their Vermont Corporate or

Business Income Tax Return.

Form BA-404 Tax Credits Earned, Applied, Expired, and Carried

Additional Information:

Forward Required by those entities awarded Economic Advancement

(Available at the website listed above, in the “Publications” section)

Tax Incentive (EATI) Credits or claiming credit incentives for

New Jobs; Charitable Housing; Rehabilitation of Certified Historic

Regulation §1.5833-1 Allocation and Apportionment of Income

Buildings; Older or Historic Buildings Rehabilitation; Affordable

Regulation §1.5862(d) Unitary-Combined Reporting (For

Housing; Platform Lifts, Elevators, Sprinkler Systems; Code

Unitary-Combined Filers Only)

Improvements to Commercial Buildings; Business Solar Energy

Investments, and Qualified Sale of Mobile Home Park. This form

VT Technical Bulletin 35 (TB-35) Net operating losses

is required of each separate entity claiming credits if a consolidated

VT Technical Bulletin 36 (TB-36) Intercompany transactions in unitary

return or combined report is filed. Be sure to include all documentation

group returns.

required per the guidelines of the credit you are claiming.

VT Technical Bulletin 40 (TB-40) Conversion to Initial Vermont Net

Form BA-405 Expired EATI Credit: Annual Activity Report Required

Operating Loss

by those entities awarded Economic Advancement Tax Incentives

VT Technical Bulletin 45 (TB-45) Business Solar Tax Credit

(EATI) credits, for use for each of the six years following the end of

the EATI authorization period. This form is required of each separate

VT Technical Bulletin 59 (TB-59) Unrelated Business Income

entity claiming credits if a consolidated return or combined report

is filed.

Filing Requirements

including income received as a shareholder, partner, or member.

C Corporations must file Form CO-411, Vermont Corporate Income

Corporations having an existing Vermont Income Tax Account, but not

otherwise doing business in the state, are not required to pay the minimum

Tax Return, if they were incorporated under the laws of the State of

tax, but must file Form CO-411, completed through Line 11.

Vermont, or received income allocable or apportioned to Vermont

Vermont Corporate Income Tax Return Instructions - 2012

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