Instructions For Schedule In-112 - Vermont Tax Adjustments And Credits

Solar credits earned and carried forward under § 5822(d) are valued at 24% of the Vermont-property portion of the

federal credit. Please note: solar credits under 32 V.S.A. § 5930z, which were valued at 100% of the Vermont

property portion of the federal credit, can no longer be applied or carried forward.

Line 15

Add Lines 13 and 14. Enter this amount on Form IN-111, Line 19.

Part III Vermont Earned Income Tax Credit (For Full-Year and Part-Year Vermont Residents Only)

Supporting Documents Required: Evidence of earned income such as W-2 or self-employment schedule(s).

Eligibility questions A, B, and C must be answered. The claim will be disallowed if the questions are not

answered.

Full-Year Residents

Line 1

Enter the amount of your federal Earned Income Tax Credit.

Line 2

Multiply Line 1 by 32%. Enter the result and also enter on Form IN-111, Line 31c. This is your Vermont Earned

Income Tax Credit.

Part-Year Residents

Line 3A

Enter the federal amount of wages, salaries, tips, etc.

Line 3B

Enter the portion of federal wages, salaries, tips, etc. earned while a Vermont resident.

Lines 4A & 4B Other earned income includes income from a business, partnership, or farm.

Line 5A

Add Lines 3 and 4 in Column A and enter result.

Line 5B

Add Lines 3 and 4 in Column B and enter result.

Line 6

Divide Line 5, Column B, by Line 5, Column A. Enter the result as a percentage carried out to two decimal places.

This is the percentage of 2017 income earned in Vermont that is eligible for the Vermont Earned Income Tax

Credit.

Line 7

Enter the amount of your federal Earned Income Tax Credit.

Line 8

Multiply Line 7 by 32% and enter result.

Line 9

Multiply Line 8 by Line 6. Enter the result and also enter on Form IN-111, Line 31c. This is your Vermont Earned

Income Tax Credit.

Part IV Vermont Income Tax Credits

Line 1

Vermont Higher Education Investment Plan (VHEIP)

The credit is available only for contributions to the 529 plan administered by the Vermont Student Assistance

Corporation (VSAC). For more information, read Technical Bulletin 66 on our website. You may be eligible

for a tax credit on contributions made during calendar year 2017 to VHEIP. The tax credit equals 10% of the first

$2,500 of contributions per beneficiary. For jointly filed returns, the tax credit equals 10% of the first $5,000 of

contributions per beneficiary. For more information on VHEIP, visit the VSAC website at , call

800-637-5860 Monday through Friday, 8:00 a.m. to 7:00 p.m., or email .

Taxpayers receiving tax credit for Lines 2 - 4 through S corporations, LLCs, LLPs, or partnerships, enter

the name of each entity and its FEIN on the schedule.

Line 2

Charitable Housing A taxpayer making an investment in an eligible housing charity may receive a credit against

Vermont income tax. The Commissioner of Housing and Community Development calculates the credit.

Line 3

Qualified Sale of Mobile Home Park Please call the Department at 802-828-2865 if you believe that you qualify

for this credit.

Line 4

Research & Development Credit A taxpayer may receive a credit against Vermont income tax equal to 27% of

the amount of federal tax credit allowed in the taxable year for research and development expenditures eligible

under section 41(a) of the Internal Revenue Code and which are made within Vermont. Any unused credit

available may be carried forward up to 10 years. The Department will publish annually the names of taxpayers

who receive the credit.

Line 5

Total Credits Add entries from Lines 1-4 in Column C. Enter on Form IN-111, Line 24, unless you claim income

tax credits on Schedule IN-119. For Schedule IN-119 filers, enter credit on the appropriate Schedule IN-119

line(s). Use amount calculated from Schedule IN-119 for entry on Form IN-111, Line 24.

2017 Schedule IN-112 Instructions

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Instructions For Schedule In-112 - Vermont Tax Adjustments And Credits - 2017 Page 2

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