PDF document

- 1 -

FORM BI-476 Instructions

Business Income Tax Return (Short Form - Vermont Resident Only)
Page 1

For Subchapter S Corporations, Partnerships, and Limited Liability Companies, which meet ALL of the following conditions:
• All shareholders, partners, or members are residents of Vermont.
• Have no income/losses from any state other than Vermont.
• Have no income adjustment due to disallowance of bonus depreciation.
• Owe the minimum tax of $250 – no exceptions to minimum tax, and no additional tax due (such as built-in
gains or LIFO recapture).
If any of these conditions are not met, do not file Form BI-476. File Form BI-471, Business Income Tax Return, and all
required schedules.

Forms and Schedules Summary
• Form BI-476, Vermont Business Income Tax Return. If eligible as described above, Form BI-476 is for INSTR (Place at FIRST page)
use by pass-through entities to file the Vermont business income tax return and pay the minimum tax due. Instr. pages
These entities include Subchapter S Corporations, Partnerships, and Limited Liability Companies that elect
to be treated as S-Corps or Partnerships for federal filing purposes.
NOTE: Form BI-476 (where applicable) is the first page of every return and the return is
incomplete without it. 1 - 4
• Form BA-403, Application for Extension of Time to File Vermont Corporate/Business Income Tax
Return. To request an extension of time to file Vermont Corporate or Business Income Tax Return, and
make payment, if desired.
• Schedule BA-404, Tax Credits Earned, Applied, Expired, and Carried Forward. To report income tax
credits earned, applied, or carried forward by the business.
• Schedule BA-406, Credit Allocation Schedule. To allocate tax credits earned in the current year (reported
on Schedule BA-404) to shareholders/partners/members.
NOTE: DO NOT file Schedule(s) K-1VT, Shareholder, Partner, or Member Information, with Form BI-476.
Instead, include copies of federal Schedule K-1 with Form 1065 or 1120S.
Who Must File
Effective for tax years beginning on or after Jan. 1, 1997, every Subchapter S Corporation, Partnership, and
Limited Liability Company which engages in activities in Vermont must file a return, either Form BI-476
or Form BI-471, with the Commissioner of Taxes. This includes entities receiving income as a shareholder,
partner, or member.
NOTE: Single member LLCs which have elected to be classified for federal purposes as disregarded
entities and report their entity’s activity on Form 1040, Schedule C are not required to file Form BI-471 or
Form BI-476.

Form BI-476 Instructions
Page 1 of 4
tax.vermont.gov Rev. 10/23

- 2 -

Enlarge image

Dates for Filing and Payments
          Subchapter S Corporation, Partnership, and Limited Liability Company returns are due on the date 
          prescribed for filing under the Internal Revenue Code.  For calendar year filers, this date will generally be 
          March 15.  For fiscal year filers, the return is due the 15th day of the third month following the end of the 
                                                                                                                         Page 2
          fiscal year.
          The payment of the annual entity tax of $250 is due on or before the original due date of the return.
          Entities holding federal extensions may file thirty days after the extended federal due date. These entities 
          must file Form BA-403 by the original return due date.  An extension of time to file does not extend the time 
          to pay the tax due.  Any tax due, including the Vermont minimum tax, must be paid by the original due date 
          of the return.  Any tax due which is unpaid by the original due date will accrue interest and late payment 
          penalties.
What to Include with the filing:
        • Form BI-476
        • Federal Information – The first five pages of the federal income tax return filed (1065 or 1120S). Federal 
          Schedule K-1s are required with the original filing if the return is mailed to the Department. However, 
          the Vermont Department of Taxes reserves the right to require a complete copy of the federal income tax 
          returns and all federal schedules at any point during review or audit of the Vermont filing.
        • Schedules BA-404 and BA-406, if tax credits have been earned this tax year.
Tax Due 
          The tax due for businesses filing Form BI-476 is $250.  The tax is due on the original, un-extended due date 
          of the federal return.  The tax is due for the tax year whether it is a full year or a short period.
Interest, Late Fees, and Penalties
          Interest is charged on payments not made on or by the statutory due date. The rate of interest is established 
          each year with reference to the average prime rate.
          Payments not made and returns not filed when due are subject to a failure to pay/file penalty of 5% per 
          month of the outstanding liability up to 25%. If the filing is more than 60 days late from the original due 
          date, even if no tax is due, a $50 late penalty applies unless timely filed under extension.  The Commissioner 
          of Taxes may abate penalties for reasonable cause.
Facsimile Substitute Forms
          Any facsimile or substitute form must be approved by the Department of Taxes prior to its use. If you use 
          computer-generated returns, the software company is responsible for requesting approval and receiving 
          an assigned bar code.   A $25 fee may be assessed for a taxpayer or preparer who files returns that 
          cannot be processed or require special steps to process.  Call (802) 828-2512 for further information on 
          facsimile or substitute forms.
Appeals
          All appeals for any return adjustment, assessment, bill, and/or reduced refund should be addressed to: 
          Vermont Department of Taxes, PO Box 1645, Montpelier, VT 05601-1645. Appeals must be received 
          within 60 days of the notice of adjustment.

                                                                                     Form BI-476 Instructions
                                                                                                              Page 2 of 4
tax.vermont.gov                                                                                               Rev. 10/23

- 3 -

Enlarge image

                Business Income Tax Return (Short Form) Instructions
Please use blue or black ink only.
Please do not staple or bind your return.  You may use binder clips, paper clips, or rubber bands.                   Page 3
“Mixed forms” warning — The Department of Taxes cannot process a return package which includes Vermont forms and 
 schedules from multiple sources.  All forms and schedules must be from the same software vendor or must 
 be original forms issued by the Department.  Filing a package of forms from different sources will result 
 in delayed processing, a request for a processable return, and the assessment of a manual processing fee.
Header Information — REQUIRED ENTRIES
 Enter the Entity Name and Address.   Enter the Foreign Country for the business entity if other than the 
 United States.
 Check the appropriate box if:
                • The entity’s name changed
                • The mailing address changed
                • There is an accounting period change.
                • This return is an extended return (in which case Form BA-403 must have been filed for this 
                  tax year).
                • This is the initial return for this business entity.
                • This is a pro forma - cannabis return for this business entity.
                • This is the     final return for this business entity (in which case the account for this business 
                  entity will be cancelled after processing this return).
 Enter the business entity’s Federal Employer Identification Number (FEIN).
 Enter the        Tax year BEGIN date, in the format YYYYMMDD.  (For example, July 1, 2023, would be 
 written as 20230701.
 Enter the Tax year END date, also in the format YYYYMMDD.
 Enter the Entity’s Primary 6-Digit NAICS number.  NAICS is the North American Industry Classification 
 System used to classify businesses for statistical purposes.  The United States Census Bureau is the official 
 agency in charge of NAICS code numbers.  NAICS code numbers can be looked up using a keyword 
 search at        census.gov/naics.  Another website that is helpful in determining the NAICS code number is 
 naics.com/search.  This website also provides keyword searches and tables, together with instructions for 
 determining your code.  The code must be six digits.
 Check the appropriate box to indicate the federal tax return filed:
                • 1120S
                • 1065
                • Other

                                                                                 Form BI-476 Instructions
                                                                                                   Page 3 of 4
tax.vermont.gov                                                                                    Rev. 10/23

- 4 -

Enlarge image

Line-by-Line Instructions
Preliminary Questions —REQUIRED ENTRIES
A. Were any shareholders, partners, or members nonresidents of Vermont during this reporting tax Page 4
year? Check the box for Yes or No. If “Yes,” STOP and complete Form BI-471. This business entity is
not eligible to file Form BI-476.
B. Did this entity have income or losses derived from at least one state other than Vermont? Check the
box for Yes or No. If “Yes,” STOP and complete Form BI-471. This business entity is not eligible to file
Form BI-476.

TAX COMPUTATION
Line 1 Vermont minimum entity tax ($250). This line is auto-filled for $250, the standard minimum entity tax.
If you qualify for an exception to the Vermont minimum entity tax, you must complete Form BI-471 and
attach supporting documentation.
Line 2 Payments previously made for this tax year with extension Form BA-403 or credit available through
prior year carryforward. If you made a payment with extension Form BA-403 for this tax year, enter the
amount of the payment. If you have credit available through a prior year carryforward, enter the amount.
If you made an extension payment and have prior year carryforward credit available, enter the sum of these. INSTR (Place at LAST page)
Line 3 Balance Due. If Line 1 is greater than Line 2, enter the difference here, and include payment with the Instr. pages
return. Otherwise, enter -0-. Make your check payable to Vermont Department of Taxes.
Line 4 Overpayment. If Line 2 is greater than Line 1, enter the difference here. Otherwise, enter -0-. Use Lines 5
and/or 6 to direct the overpayment as a refund or carryforward.
Line 5 Overpayment to be Refunded. If Line 4 is greater than zero, enter the amount to be refunded. 1 - 4

Line 6 Overpayment to be credited to next tax year. If Line 4 is greater than zero, enter the amount to be
credited to next tax year. The sum of the amounts entered on Line 5 and Line 6 must equal the amount
entered on Line 4.

Contacting the Department

Mailing address:
Taxpayer Services: (802) 828-5723
Vermont Department of Taxes Email Address: tax.corporate@vermont.gov
133 State Street Website Address: tax.vermont.gov
Montpelier, VT 05633-1401 Forms: (802) 828-2515

Form BI-476 Instructions
Page 4 of 4
tax.vermont.gov Rev. 10/23

PDF file checksum: 1266497645

(Plugin #1/10.13/13.0)