BI-476: Business Income Tax Return for Resident Only (2025)
Vermont · Vermont Department of Taxes · Used for tax years 2025
Form BI-476 is Vermont’s 2025 Business Income Tax Return for Resident Only. It reports Vermont adjustments, the minimum entity tax, prior payments or credits, and any balance due or overpayment.
Who files this form
Form BI-476 is Vermont’s 2025 Business Income Tax Return for Resident Only.
The form directs you to stop and complete Form BI-471 instead if either of these applies during the reporting tax year:
- Any shareholder, partner, or member was a nonresident of Vermont.
- Any shareholder, partner, or member was a C corporation, S corporation, partnership, or limited liability company.
Report the total number of Vermont shareholders, partners, or members in Question C.
What you'll need
Have the information needed to complete the form, including:
- The entity’s name, address, FEIN, and primary 6-digit NAICS number.
- The tax year’s beginning and ending dates and the type of federal return filed.
- Vermont adjustment amounts, including bonus depreciation, other additions, other subtractions, and the SALT add-back for trust partners only.
- Payments previously made for this tax year with extension Form BA-403 and any available prior-year carryforward credit.
Include a statement for any other additions or other subtractions. If you report any value on Lines 1 through 4, distribute the partners’ shares of the adjustments using Schedule K-1VT and attach a copy to Form BI-476.
How to file
- Complete the entity information, tax-year dates, and applicable checkboxes. Answer Questions A and B to determine whether the form directs you to use Form BI-471 instead.
- Enter Vermont adjustments in whole dollars. Include required statements and Schedule K-1VT copies when applicable.
- Complete the tax computation. Line 5 lists a $250 Vermont minimum entity tax. Check the applicable box if an investment club § 5921 or I.R.C. § 761 exception applies; the form lists $0 for these exceptions.
- Enter extension payments and available prior-year carryforward credit on Line 6. Calculate the balance due or overpayment, then enter any overpayment to be refunded or credited to the next tax year.
- Have the responsible officer sign and date the return and provide the requested contact information. Complete the paid preparer information if applicable.
The form directs you to send the return and check to:
Vermont Department of Taxes
133 State Street
Montpelier, VT 05633-1401
Common mistakes
- Continuing with BI-476 after answering “Yes” to Question A or B. The form says to stop and complete Form BI-471 instead.
- Entering cents. Enter all amounts in whole dollars.
- Leaving out supporting statements. Other additions and other subtractions each require a statement.
- Missing Schedule K-1VT. If any value is reported on Lines 1 through 4, distribute the partners’ shares of the adjustments using Schedule K-1VT and attach a copy to BI-476.
- Using the SALT add-back line for someone other than a trust partner. Line 4 is marked for trust partners only.
Questions people ask
Can I use BI-476 if an owner was a Vermont nonresident during the reporting tax year?
No. If any shareholder, partner, or member was a nonresident, the form directs you to stop and complete Form BI-471.
What minimum entity tax does the form list?
Line 5 lists $250. The form also provides $0 exception checkboxes for investment clubs under § 5921 and for I.R.C. § 761.
Where do I report payments made with an extension?
Enter payments previously made for this tax year with Form BA-403 on Line 6, along with any available prior-year carryforward credit.
Can an overpayment be applied to the next tax year?
Yes. Line 9 is for the amount to be refunded, and Line 10 is for the amount to be credited to the next tax year.