BI-473: Composite Schedule (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
Vermont Schedule BI-473 calculates an entity’s Vermont taxable composite income and composite tax due for 2024. It reports income passed through to nonresidents, composite net operating losses, additional adjustments, and tax credits, and is included with Form BI-471.
What you'll need
- Form BI-471: Include Schedule BI-473 with this form, and use the same entity name.
- Schedule BI-477: You need the federal adjusted gross income equivalent from Line 30 and the Vermont income tax adjustment percentage from Line 32.
- Composite net operating loss statement: Attach a statement for the loss entered on Line 6.
- Schedules BA-404 and BA-406: Attach these schedules for tax credits entered on Line 10.
You also need the entity’s FEIN, fiscal year ending date, percentage of income passed through to nonresidents, and details of any additional adjustments.
How to file
Include the completed 2024 Schedule BI-473 with Form BI-471.
Print in blue or black ink and enter all amounts in whole dollars. Enter the fiscal year ending date in YYYYMMDD format.
The supplied form does not provide a mailing address or e-filing instructions.
Common mistakes
- Do not enter cents. The form requires whole-dollar amounts.
- Use blue or black ink.
- Enter a composite net operating loss on Line 6 as a positive number and attach a statement.
- If the Line 9 calculation is negative, enter zero.
- Attach Schedules BA-404 and BA-406 for Line 10 tax credits.
- Do not use Line 10 credits to reduce tax liability below the minimum tax. Review the program guidelines for other limits on credit use.
- Include Schedule BI-473 with Form BI-471.
Questions people ask
How do I calculate total nonresident income?
Multiply Line 1 by Line 2 to calculate Vermont adjusted income on Line 3. Then multiply Line 3 by the percentage passed through to nonresidents on Line 4. Enter the result on Line 5.
How do I calculate Vermont taxable composite income?
Subtract the composite net operating loss on Line 6 from total nonresident income on Line 5, then add the additional adjustments on Line 7. Enter the result on Line 8.
What tax rate does the 2024 schedule use?
Line 9 directs you to multiply Line 8 by 7.6% (0.076). If the result is negative, enter zero.
Can tax credits reduce the tax below the minimum tax?
No. The form says Line 10 credits may not reduce tax liability below the minimum tax. It also directs you to review program guidelines for other credit-use limits.
How do I calculate Vermont composite tax due?
Subtract the tax credits on Line 10 from the composite tax on Line 9. Enter the result on Line 11.