BI-473: Composite Schedule (2025)
Vermont · Vermont Department of Taxes · Used for tax years 2025
Vermont Schedule BI-473 calculates Vermont taxable composite income and composite tax due for 2025. It reports income passed through to nonresidents, composite net operating losses, adjustments, and tax credits for composite shareholders, partners, or members, and is included wit
What you'll need
For the 2025 Schedule BI-473, have these forms and supporting information ready:
- Form BI-471: Include Schedule BI-473 with this form. Use the same entity name.
- Schedule BI-477: You need Line 28 for your federal adjusted gross income equivalent and Line 32 for your Vermont income tax adjustment percentage.
- A statement supporting any composite net operating loss: Line 6 requires an attached statement.
- Schedules BA-404 and BA-406: Attach these for tax credits entered on Line 10.
The schedule also asks for your FEIN and fiscal year ending date in YYYYMMDD format.
How to file
Include the completed 2025 Schedule BI-473 with Form BI-471. Print in blue or black ink and enter all amounts in whole dollars.
The provided form does not give a mailing address or e-filing instructions.
Common mistakes
- Using cents: Enter all amounts in whole dollars.
- Using the wrong ink: Print in blue or black ink.
- Entering a negative loss on Line 6: Enter the composite net operating loss as a positive number and attach a statement.
- Entering a negative composite tax on Line 9: If the result is negative, enter zero.
- Using credits to reduce tax below the minimum tax: Line 10 credits cannot reduce your liability below the minimum tax. Review program guidelines for other credit-use limitations.
- Leaving out credit schedules: Attach Schedules BA-404 and BA-406 for Line 10 tax credits.
Questions people ask
Where do the amounts for Lines 1 and 2 come from?
Use Schedule BI-477, Line 28, for Line 1. Use Schedule BI-477, Line 32, for the percentage on Line 2.
How do I calculate total nonresident income?
Multiply Line 1 by Line 2 to get Vermont adjusted income on Line 3. Enter the percentage of Line 3 income passed through to nonresidents on Line 4. Multiply Line 3 by Line 4 to get total nonresident income on Line 5.
How do I calculate Vermont taxable composite income?
Subtract the composite net operating loss on Line 6 from Line 5, then add the additional adjustments on Line 7. Enter the result on Line 8 and specify your additional adjustments on Line 7.
What tax rate does the 2025 schedule use?
Line 9 directs you to multiply Line 8 by 7.6% (0.076). If the result is negative, enter zero.
How do I calculate Vermont composite tax due?
Subtract Line 10 tax credits from Line 9 composite tax and enter the result on Line 11. Credits cannot reduce your tax liability below the minimum tax, and the form directs you to review program guidelines for other credit-use limitations.