BI-476: Business Income Tax Return for Resident Only (2024)
Vermont · Vermont Department of Taxes · Used for tax years 2024
Form BI-476 is Vermont’s 2024 Business Income Tax Return for resident-only entities. It reports the $250 minimum entity tax, prior payments or carryforward credits, and any balance due or overpayment.
Who files this form
The 2024 Form BI-476 is Vermont’s Business Income Tax Return for residents only.
Use Form BI-471 instead if:
- Any shareholder, partner, or member was a Vermont nonresident during the reporting tax year.
- The entity had income or losses from at least one state other than Vermont.
- The entity qualifies for an exception to the $250 Vermont minimum entity tax. In this case, attach supporting documentation to Form BI-471.
What you'll need
Have the information requested on the form ready:
- Entity name, address, FEIN, and primary six-digit NAICS number.
- Tax-year beginning and ending dates.
- Type of federal tax return filed: Form 1065, Form 1120S, or other.
- Number of Vermont shareholders, partners, or members, and whether any were nonresidents during the tax year.
- Whether the entity had income or losses from another state.
- Payments already made for this tax year with extension Form BA-403 and any available prior-year carryforward credit.
- Responsible officer’s name, signature, date, and daytime telephone number. Email is optional.
If a paid preparer completes the return, the form also requests the preparer’s signature, contact information, and identifying information.
How to file
Complete the entity information and residency questions, then enter all tax amounts in whole dollars.
- Enter the $250 Vermont minimum entity tax on Line 1.
- Enter payments made with Form BA-403 or available prior-year carryforward credit on Line 2.
- If Line 1 exceeds Line 2, enter the difference as the balance due on Line 3. If Line 2 exceeds Line 1, enter the difference as an overpayment on Line 4.
- Enter the overpayment to be refunded on Line 5 and the amount to be credited to the next tax year on Line 6.
- Have the responsible officer sign and date the return. Complete the paid preparer fields if applicable.
Send the return and check to:
Vermont Department of Taxes
133 State Street
Montpelier, VT 05633-1401
Common mistakes
- Using BI-476 when an owner was a nonresident. If any shareholder, partner, or member was a Vermont nonresident during the reporting tax year, stop and complete Form BI-471.
- Using BI-476 when the entity had out-of-state income or losses. If income or losses came from another state, stop and complete Form BI-471.
- Claiming a minimum-tax exception on BI-476. The form directs entities that qualify for an exception to complete Form BI-471 and attach supporting documentation.
- Entering cents. Enter all amounts in whole dollars.
Questions people ask
What is the minimum entity tax on the 2024 Form BI-476?
Line 1 lists a Vermont minimum entity tax of $250.
Can I use BI-476 if one member was a Vermont nonresident?
No. If any shareholder, partner, or member was a Vermont nonresident during the reporting tax year, the form directs you to stop and complete Form BI-471.
Where do I report an extension payment?
Report payments made for this tax year with extension Form BA-403 on Line 2. This line also includes available prior-year carryforward credit.
What can I do with an overpayment?
Enter the amount to be refunded on Line 5 and the amount to be credited to the next tax year on Line 6.
Can I let the Department of Taxes discuss the return with my preparer?
Yes. Check the box authorizing the Vermont Department of Taxes to discuss the return with the preparer shown.