BI-471: Business Income Tax Return (2025)
Vermont · Vermont Department of Taxes · Used for tax years 2025
Form BI-471 is the 2025 Vermont Business Income Tax Return for partnerships, S corporations, and LLCs. It reports entity taxes, nonresident estimated payment requirements or composite tax, use tax, payments, and any balance due or overpayment.
Who files this form
Form BI-471 is Vermont’s Business Income Tax Return for partnerships, Subchapter S corporations, and LLCs.
The form asks whether, during the tax year:
- Any shareholders, partners, or members were nonresidents of Vermont.
- Any shareholders, partners, or members were a C corporation, S corporation, partnership, or LLC.
If you answer No to both questions, the entity should file Form BI-476 instead of Form BI-471.
What you'll need
Have the entity’s name, address, FEIN, primary six-digit NAICS number, tax-year beginning and ending dates, and owner counts available.
Depending on which lines apply, the form refers to:
- Schedule BI-472 for nonresident estimated payment requirements for non-composite entities.
- Schedule BI-473 for Vermont composite tax due.
- Schedules K-1VT for overpayments distributed to owners and withholding or estimated payments received from another company.
- Form BA-403 for payments made with an extension.
- Form REW-171 and REW Schedule A for real estate withholding paid for the entity.
- Form WH-435 for nonresident estimated payments paid by the entity.
If you check box G for an exception under 32 V.S.A. § 5920(f), (g), or (h), attach authorization or documentation.
How to file
- Complete the entity information, owner questions, and applicable return checkboxes.
- Enter tax amounts, payments, and credits in whole dollars. Follow the line instructions to calculate the balance due or overpayment.
- Complete the responsible officer’s signature section and the paid preparer section, if applicable.
- Make any check payable to Vermont Department of Taxes.
Mail the return and check to:
Vermont Department of Taxes
133 State Street
Montpelier, VT 05633-1401
Common mistakes
- Using BI-471 when both questions A and B are answered No. The form says to use BI-476 instead.
- Entering cents. The tax computation and payments sections both require whole-dollar amounts.
- Leaving out documentation for box G. The form directs you to attach authorization or documentation when claiming one of those exceptions.
- Overlooking use tax. Line 5 includes taxable items on which no sales tax was charged, including online purchases.
Questions people ask
What is the Vermont minimum entity tax shown on this form?
Line 1 lists a $250 minimum entity tax. The form also lists $0 exceptions for no Vermont activity or inactive status, an investment club under § 5921, and I.R.C. § 761.
Which schedule is used for composite tax?
Composite entities enter the Vermont composite tax due from Schedule BI-473, Line 11, on Form BI-471, Line 3.
Can an overpayment be refunded or applied to the next tax year?
Yes. Line 17 is for the overpayment to be credited to the next tax year, and Line 18 is for the amount to be refunded.
Can I let the Vermont Department of Taxes discuss the return with my preparer?
Yes. The signature section has a checkbox authorizing the department to discuss the return with the preparer shown.