FORM CO-411 Instructions 

                           Corporate Income Tax Return
                                                                                                                     Page 1

                           Please print in BLUE or BLACK ink only.
Effective January 1, 2023. 
  Effective for tax years starting January 1, 2023, and later, Vermont adopts the Finnigan Method for unitary 
  groups. Under Finnigan, the entire group will be treated as one taxpayer. Therefore, if the parent or any 
  affiliate engages in activity that breaches the narrow scope of protections afforded under PL 86-272, then 
  the entire group is taxable. In that case, all sales into Vermont must be included in the numerator regardless 
  of which member of the group incurred them. Generally, Vermont agrees with the positions adopted by the 
  MTC on August 4, 2021, regarding the scope of the protections of PL 86-272.
  Act No. 148 (S.53). Taxation; Corporate Income Tax; Conformity to federal tax laws.     All changes 
  are effective January 1, 2023. This act includes four sections that change the way multi-state companies 
  apportion income to Vermont and restructures the corporate minimum tax. The four changes of this corporate 
  tax reform package include:
                                                                                                                     INSTR  (Place at FIRST page)
  • Move to Single Sales Factor                                                                                      Instr. pages 
                    ○  Vermont no longer uses a three-factor apportionment formula (sales/property/payroll). It now 
                           considers only sales into the state.
  • Repeal Throwback Rule 
                    ○  Vermont sales factor no longer includes sales from Vermont to the federal government or to a  1 - 16
                           state where those sales are not taxable.
  • Move from Joyce to Finnigan 
                    ○  “Joyce” and “Finnigan” represent two different methods to determine nexus and the calculation 
                           of in-state activity of unitary groups.
                    ○  The Finnigan approach looks at the unitary group as a whole and treats the group as one 
                           taxpayer - either having nexus with the state or not.
  • Repeal Exclusion of 80/20 Companies in Unitary Group. 
                    ○  Requires all US corporations to now be included in a unitary group.
  Special Considerations: The passage of these recent statutory changes supersedes any conflicting passages 
  within our previous unitary regulations (Vt. Reg. § 1.5862(d), The Department is working on updating these 
  regulations to incorporate the statutory changes. Regulations that do not conflict with current law continue 
  to apply.
Reminders and Additional Information
  You may be required to e-file your return. Please review the mandate before mailing a paper return. We may                          Instructions have NOT 
  reject your paper return or assess a fee. Search for “e-file mandate” on our website at www.tax.vermont.gov 
  for detailed information.
  Be sure to use the myVTax taxpayer portal www.myvtax.vermont.gov to your best advantage. MyVTax 
  users spend less time on the phone and conduct business with the Department of Taxes far more efficiently.                                     been edited for 2015 yet
  After setting up an account, you can make payments, file your extension, verify prior returns, verify estimated 
  payments, view letters that we sent, communicate securely with the Department, and more. You can provide 
  third-party access to others such as your preparer or payroll service. Even if you haven’t yet set up an account, 

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 you can still electronically make payments, file an extension, verify estimated payments, and respond to 
 notices. www.myvtax.vermont.gov.
 We expect to match entries on your Vermont return with entries on your federal return. If an entry on 
 your Vermont return differs from the expected entry, you must include an explanation and reconciliation. If 
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 you do not provide supporting information, then we may adjust your return based on the available information.
 Schedule K-1VT and disregarded entities. If this corporation is the single member of any LLCs that are 
 disregarded entities for income tax filing and receive income/loss from pass-through entities, note that Vermont 
 Schedule K-1VT has extended instructions for a “disregarded entity” that does not file a Vermont income 
 tax return. Please review the Schedule K-1VT instructions “Notes for disregarded entities.” If Schedule 
 K-1VT is not properly completed, or if required supporting information is not included, then processing of 
 your return is subject to delays.
 PL 86-272.         If you are claiming protection from net income taxation under PL 86-272, your Vermont 
 numerator will be “0” for Vermont sales when computing Schedule BA-402. However, you are still required 
 to pay the minimum entity tax based on gross receipts from Vermont sources. You must complete Line 17 
 of Form CO-411 to report gross receipts from all Vermont sources in order to compute the minimum entity 
 tax correctly. 
 Homeowners and Condominium Associations that filed federal Form 1120-H, U.S. Income Tax Return 
 for Homeowners Associations. We have edited the instructions to clarify the tax calculation for a qualifying 
 association. Associations that “check the box”          1) will owe tax on the Vermont net taxable income,  2)will 
 owe tax ranging from $1 to $299 if Vermont net taxable income is less than $5,000, 3) will owe no tax only 
 if no taxable income is reported on federal Form 1120-H.
 TCJA: Global Intangible Low-Taxed Income (GILTI) guidance for Vermont filers. “GILTI” income is 
 subject to Vermont tax. Search for “TCJA” on our website at www.tax.vermont.gov for detailed information 
 and treat calculations of that tax according to the instructions below.
Examples of Activities Giving Rise to Nexus with Vermont:
 The following list is meant to provide examples of activities that could create income tax nexus. As the 
 Department cannot address every possible scenario that could arise, this list is meant to provide general 
 guidance and is not all-inclusive. Please see TB-70 for more information.
 • Owns or leases real property or personal property in Vermont. 
 • Uses or sells intangible property in Vermont, including the receipt of royalties and the licensing of 
   software and other properties. 
 • Makes sales of tangible personal property into Vermont. 
 • Maintains an office, store, warehouse in Vermont in home or otherwise. 
 • Has one or more employees working in Vermont, including employees who work or telecommute from 
   their homes in Vermont. 
 • Provides services in Vermont, through employees and/or independent contractors 
 • Sends representatives to exhibit at a trade show, conference, craft fair, festival, etc. or to conduct                 Instructions have NOT 
   training or seminar in Vermont. 
 • Gives a performance in Vermont. 
 • Meets with clients in Vermont. 
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 • Holds inventory or goods on consignment in Vermont. 
 • Delivers goods into Vermont (e.g., acting as a carrier independent of a sale of tangible personal 
   property). 
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   •          Uses Vermont roadways to transport tangible personal property. 
   •          Makes loans using Vermont property as collateral. 
   •          Makes loans to Vermont residents. 
   All C Corporations use Form CO-411 and related schedules. The form set accommodates standalone                           Page 3
   corporations as well as combined reporting for unitary groups. See details in “Forms and Schedules 
   Summary” section, below.
   To exclude income received from a pass-through entity which was already taxed on a composite return 
   (of that pass-through entity) the previously taxed income must be deducted. This is required due to the 
   adoption of mandatory composite filing requirements for certain pass-through entities. This only applies 
   to corporations  1)receiving distributed income from a pass-through entity which has paid composite tax 
   and 2) having additional activity in Vermont which requires them to file a corporate income tax return. The 
   deduction is reported as a negative amount on Schedule BA-402, Apportionment & Allocation Schedule, 
   Line 1b (non-apportionable income) and flows through to Form CO-411, Line 8. Unitary businesses must 
   still report the pro-rata share of factors passing through to its owner, regardless of a composite filing.
Who Must File?
   C Corporations (Stand-alone Corporations, not a member of an affiliated group)
                    Every Corporation must file Form CO-411 if:
                    •  It was registered with the Secretary of State during the tax year; or
                    •  It was incorporated under the law of the State of Vermont; or
                    •  It had any business activity or received any income, positive or negative, allocable or 
                      apportionable to Vermont including income received as a shareholder, partner or member.
                    •  It has an open corporate income tax account.
                    • NOTE: If a business wants to maintain the account even when it has no activity or tax 
                      liability for the year, it must file a “NO VERMONT ACTIVITY” return. No tax is due.
   Affiliated Groups of Corporations Engaged in Unitary Business
                    Taxable corporations which are part of an affiliated group engaging in unitary business are required to 
                    file combined reports, reporting the combined net income of the group. See 32 V.S.A. § 5862(d). 
                    In general, an “affiliated group” means a group of two or more corporations in which more than 
                    50% of the voting stock of each member corporation is directly or indirectly owned by a common 
                    owner or owners, either corporate or noncorporate, or by one or more of the member corporations.
                    “Unitary business” means one or more related business organizations engaged in business activity 
                    both within and outside the state. The various business organizations in a unitary business should 
                    exhibit a unity of ownership, operation, use, and interdependence of their functions. Taxable 
                    corporations which are part of an affiliated group engaging in unitary business are required to file 
                    combined reports, reporting the combined net income of the group.
                                                                                                                                  Instructions have NOT 
Determination of Tax
   Effective for tax years starting January 1, 2023, Vermont adopted the Finnigan Method for calculating tax for 
   combined groups. The entire group is considered as a single taxpayer. The group must consolidate financial 
   entries for all entities with sales or activity in Vermont into a single Schedule BA-402, Apportionment 
   Schedule, and apply that to the combined group income/loss.                                                                    been edited for 2015 yet
   Credits are accounted for on a separate company basis and their use is limited to the affiliate that generated it.

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Consolidated Returns
 Members of a federal consolidated group that are not engaged in unitary business may elect to file a single 
 consolidated Vermont return under 32 V.S.A. § 5862(c), provided that the consolidated members have the 
 same fiscal year. The Vermont consolidated group includes only the members of the federal consolidated 
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 group that are taxable in Vermont and might not contain all of the corporations in the federal group. An 
 election to file a consolidated return is binding for five years.
Determination of Whether or Not the Corporations are Conducting Unitary Business
 Review Regulation § 1.5862(d) - Unitary Combined Reporting to determine if an affiliated group is 
 conducting unitary business (in which case the group must file a combined return – see above). Examples 
 of affiliated groups not conducting unitary business are the following:        (1) all members of the group 
 conduct all of their business within Vermont, or (2) the members of the consolidated group truly have no 
 interconnection other than common ownership (i.e., no common lines of business, no shared resources, no 
 common management).
Parent Corporation
 The consolidated return must be filed by the parent corporation of the federal group.
Nonprofit and Exempt Organizations 
 A nonprofit organization that engaged in activities in Vermont which produced unrelated business income 
 subject to federal income tax under I.R.C. § 511 during the tax year is required to file a Vermont Corporate 
 Income Tax Return. For more information, review the “Nonprofit Income Tax Return Instructions” at the 
 end of this document and Technical Bulletin TB-59, Unrelated Business Income of Exempt Corporations, 
 on the Department’s website.
 Please note that TB-59 describes the rare circumstance where unrelated business income might be received 
 directly by the nonprofit and also meet the tests of apportionablity. Nonprofits often receive partnership 
 income from investments and will almost always pay taxes to the state of the activity on this type of 
 unrelated business taxable income. When this is the case, any deductions, losses, or income at a different 
 tier must be sourced according to our regulations regarding nonapportionable income. Then, Vermont 
 Schedule K-1VT income will flow through in its entirety from the source. 
What if the Corporation Has a Vermont Corporate Tax Account, but Is Not Currently Doing Business in Vermont?
 Corporations having an existing Vermont Corporate Income Tax account, but not otherwise doing business 
 in Vermont, are not required to pay the minimum tax. The corporation must file Form CO-411. Mark the 
 “No Vermont Activity” box on the bottom of page 1 of Form CO-411. This exception may be claimed if 
 you are a foreign business that has periodic, recurring activity in Vermont and in the current year the entity 
 has no nexus with Vermont.
 Vermont Businesses May Not Claim “No Vermont Activity.” Other non-cash activities such as holding 
 land, providing services to Vermont customers, and engaging in activity that leads to a net loss disqualify a 
 business from claiming “No Vermont Activity.” Please see Technical Bulletin TB-70 for more information.
What about Subchapter S Corporations, Partnerships, and Limited Liability Companies (LLCs)?
                                                                                                                      Instructions have NOT 
 Subchapter S Corporations, Partnerships, and multi-member Limited Liability Companies electing not to 
 be taxed as a corporation should file Form BI-471, Vermont Business Income Tax Return. See separate 
 instructions for that form.

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                      Forms and Schedules Summary
 • Form CO-411, Corporate Income Tax Return:                 This is the initiating form, and the three pages are 
   required for all corporate income tax filers.
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 • Schedule BA-402, Apportionment & Allocation Schedule:           For use by all taxable entities having 
   activity (income and/or expenses, regardless of profit or loss) in Vermont and/or at least one other state/
   province. Complete Schedule BA-402 unless the apportionment is 100% for Vermont. Returns filed 
   without Schedule BA-402 will be adjusted to 100% Vermont apportionment.
 • Form BA-403, Application for Extension of Time to File Vermont Corporate/Business Income 
   Tax Return: To request an extension of time to file the Vermont Corporate or Business Income Tax 
   return. An extension of time to file a federal return automatically extends the time to file with Vermont 
   until 30 days beyond the federal extension date. However, tax is due on the original due date.
 • Schedule BA-404, Tax Credits Earned, Applied, Expired, and Carried Forward:          Required for 
   companies that have earned or applied tax credits or incentives. This schedule is required of each 
   separate entity claiming credits if a consolidated return or combined report is filed. Be sure to include 
   all documentation required per the program guidelines of the credit you are claiming.
 • Schedule BA-410, Affiliation Schedule: We have redesigned Schedule BA-410 to list all companies 
   included in the filing group as reconciled to the federal consolidated group(s). List each company 
   included in the federal returns that are used to compute Line 1 of Form CO-411, and then state whether 
   they are unitary, disregarded, or a pass-through owned by a corporation in the group.
 • Form CO-414, Corporate Estimated Tax Payment Voucher:           To make estimated payments for 
   corporate income tax (generally quarterly) throughout the year. 
 • Form CO-422, Corporate Income Tax Return Payment Voucher: To direct a payment to a corporate 
   income tax account and period, if you do not have another form or coupon available. Form CO-422 is 
   not necessary if you are sending a check with Form CO-411, Form CO-414, or Form BA-403. 

 • Schedule CO-419, Apportionment of Foreign Dividends:            Used  by  unitary-combined  filers  (if 
   applicable) to determine the amount of apportioned foreign dividends taxable to the State of Vermont. 
   Refer to Regulation § 1.5862(d)-7(f) and -8(b) regarding what dividends are taxable. 
 • Schedule CO-420, Foreign Divident Factor Increments:            Used  by  unitary-combined  filers  (if 
   applicable) to determine the incremental factors to Sales and Receipts in order to provide factor relief 
   for apportionment of foreign dividends. Prepare one Schedule CO-420 for each entity that paid foreign 
   dividends subject to modified apportionment to any member of the combined group. Do not prepare 
   Schedule(s) CO-420 if there are no foreign dividends or if factor relief and modified apportionment are 
   not being calculated. 
 • Federal Information: For all taxable members of the group, provide at least the following (More 
   information may be required for more complex returns):
                    • The first five pages of the federal Form 1120, U.S. Corporation Income Tax Return, or 
                      other return filed (one form if the consolidated group is the same as the Vermont unitary 
                      group, or one for each separate member if the affiliates are not part of the same federal            Instructions have NOT 
                      consolidated group). If the consolidated/combined group is different than the federal group, 
                      this will be a pro forma return. A pro forma return must be clearly labelled “pro forma,” 
                      must include a copy(ies) of the return(s) filed with the IRS and must include a reconciliation 
                      with the return(s) filed with the IRS.                                                               been edited for 2015 yet
                    • Federal Form 4562, Depreciation and Amortization as filed and pro forma, if any members 
                      of the group have taken “bonus” depreciation;
                    • Copies of federal statements regarding other income and deductions, net operating loss, and 
                      taxes and licenses.
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Additional Statements that are not Vermont Forms or Schedules. Statements should be attached to e-filed returns as pdf 
 or Excel files. 
 • Consolidation Schedules for Group Returns: If your return is based on a federal return(s) that reports 
   the activity of more than one entity, provide your work papers that you used to develop the following:
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                         • Tax base, apportionable, and nonapportionable income
                         • Apportionment denominator
                         • Apportionment numerator
                         • Reconciliation items in Lines 1 through 1g
                         • Any other information required to reconcile your federal return(s) with your Vermont 
                           return
 • Reconciliations to Federal Information:          We expect to match entries on your Vermont return with 
   entries on your federal return. If an entry on your Vermont return differs from the expected entry, you 
   must include an explanation and reconciliation. If you do not provide supporting information, then we 
   may adjust your return based on the available information.
 • Bonus Depreciation Reconciliation: Vermont is decoupled from federal bonus depreciation provisions 
   of I.R.C. § 168(k). If you have utilized bonus depreciation, provide a summary sheet that shows federal 
   and state depreciation calculation and differences reported on Line 2. 
 • Vermont Net Operating Loss statement and summary: Required for corporations that incur, apply, 
   and/or carry forward a Vermont Net Operating Loss. For details, see the instructions that follow and 
   Technical Bulletin TB-35, Net Operating Losses, on the Department’s website. 
 • Changes in composition of Vermont unitary group - for Group returns: Attach a statement listing 
   the name and FEIN of all companies that 1) are newly included in the group return for this tax year, and 
   2) were included in the group last year but are no longer included in the group return. 

                                 General Instructions
Filing Dates and Payments
 Returns are due on the date prescribed for filing under the Internal Revenue Code, or the extended due date. 
 The Vermont extended due date is 30 days beyond the federal extended due date. Corporations needing a 
 Vermont extension should file Form BA-403 by the original due date, and mark the “Extended Return” box 
 in Part A when filing their corporate return. Form BA-403 requires that you indicate which federal income 
 tax form will be filed. If only a federal extension was filed, please attach a copy of federal Form 7004, 
 Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other 
 Returns.
 For nonprofits reporting Unrelated Business Income (UBI) on Form CO-411, the due date is the same as the 
 date the federal return is due. If any extension is requested, the Vermont extended due date is 30 days after 
 the federal extended due date.
                                                                                                                             Instructions have NOT 
 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.

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Incomplete Returns
 An incomplete return is deemed to have not been filed. Submitting an incomplete return may adversely 
 affect your rights, and may toll the statute of limitations of the return.
 Your return must include all required forms, schedules, supporting information, copies of federal forms and        Page 7
 schedules, and other information that is identified among the instructions, Vermont statutes and regulations 
 and other guidance issued by the Department. We may request additional information that you must provide 
 before your return is complete.
 If information necessary to support the request for a credit is missing, your filing may be processed but the 
 credit denied. This may result in a bill or reduced refund. The Department will send you a letter requesting 
 the missing information and give you an opportunity to supply the required information. The credit will not 
 be processed until the Department receives the missing document(s) or information.
Returns That Cannot Be Processed
 If we cannot process the return that you submit, the Department will notify you by letter, and you will be 
 required to submit it again. The date you resubmit the return becomes the filing date of your return. The 
 Department may assess a $25 processing fee to partially cover the cost of taking steps to notify you in 
 addition to our normal processing procedures. Examples of unacceptable filing include, but are not limited 
 to, the following: forms marked “Draft” or “Do not file,” forms not pre-approved by the Department, 
 photocopies of forms, reduced or enlarged forms, forms from the incorrect tax period, faxed forms, returns 
 not written in blue or black ink, forms missing required schedules, or forms generated from different 
 sources. Mixed forms most often occur when forms from different software vendors are included within the 
 same return.
Estimated Taxes
 Any corporation anticipating a Vermont tax liability more than $500 must make estimated payments by the 
 15th day of the 4th, 6th, 9th, and 12th months of the taxable year. Use Form CO-414, Corporate Estimated 
 Tax Payment Voucher.
Interest, Late Fees, and Penalties
 Interest is charged on payments not made by the statutory due date. The rate of interest is established each year. 
 Go to              www.tax.vermont.gov/research-and-reports/interest-rates to see current and historical interest 
 rates. If the filing is more than 60 days late from the original due date, a $50 late file penalty applies even 
 if no tax is due unless the return is timely filed under extension. The failure to pay an income tax liability 
 when due will result in imposition of a penalty equal to 1% per month of the outstanding liability. Estimated 
 payments not made when due are subject to interest and a late payment penalty of 1% for each month that 
 the payment is late, up to a maximum of 25%.
Changes in Return Information
 An amended Vermont income tax return must be filed whenever the taxpayer’s federal tax return is 
 amended or corrected, or whenever the information on the Vermont return, as previously filed, is incorrect. 
 An amended return cannot be filed until the original income tax return has been filed. An amended Vermont 
 return is due within 180 days after you become aware of any changes. This requirement may be the result of               Instructions have NOT 
 any information that makes your return materially false, inaccurate, or incomplete; you are notified by the 
 Internal Revenue Service that your federal taxable income has been adjusted; or you file an amended return 
 with the Internal Revenue Service. If an amended return is not filed with Vermont within the prescribed 
 time, late filing fees may be assessed and penalty may be assessed on any additional tax. Include a copy of 
 the IRS report if the change is a result of a federal audit.                                                             been edited for 2015 yet

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Amended Returns
 File an amended return using Form CO-411 for the tax year you are amending. Mark the “Amended Return” 
 box in the upper right corner. Complete all header information, including the “Tax Year Begin” and “End” 
 fields. Include a brief statement or explanation summarizing the nature of the amendment(s). Include 
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 statements and reconciliations, as necessary, to illustrate and clarify all changes.
 Your amended return must be a complete return. Do NOT submit only those forms or schedules with 
 changes. A properly prepared amended return will typically include all the same Vermont forms, Vermont 
 schedules and supporting schedules that were included with the original return. Take care that your amended 
 return conforms with the information under the section “Returns That Cannot Be Processed.”
 Amended returns claiming a refund must be filed within three years from the date a return is required to be 
 filed or six months after a refund was received from the United States with respect to a change in the amount 
 of taxable income reported in a return filed under the laws of the United States.
Net Operating Losses
 For taxable years beginning Jan. 1, 2007 and later, a Vermont Net Operating Loss (VNOL) is defined as “any 
 negative income after allocation and apportionment of Vermont net income pursuant to 32 V.S.A. § 5833.” 
 The VNOL is available to carry forward to offset Vermont income for 10 years following the loss year. 
 Carry backs are not available. For a more detailed explanation of VNOL, see Technical Bulletin TB-35, Net 
 Operating Losses, on the Department’s website.
 For any year in which a VNOL is incurred, is available, or is applied, corporations must include a detailed 
 schedule summarizing loss years, utilization years, expiration years, and available carryover.
 For tax years 2007 and later, Form CO-411, Line 1, no longer includes any federal net operating loss 
 deducted from taxable income.
 Carry backs – VNOL may not be carried back to a prior year. VNOL remains available to carry forward 
 even if the company has elected to carry back the operating loss for federal purposes.

                    Corporate Income Tax Return Instructions
HEADER INFORMATION – COMPLETE ALL FIELDS THAT APPLY. 

Use ALL CAPS for alpha characters on all returns and schedules.
Entity Name/Address
 Print or type the entity name and address in the space provided. If the address is in a country other than the 
 United States, enter the name of the foreign country in the space provided.
Other Information 

 •             Place an “X” in the appropriate boxes to the right of the entity name and address to indicate if:
                    • The entity’s Name Changed
                    • There has been an Accounting Period/Fiscal Year-End Change                                      Instructions have NOT 
                    • This is an Extended Return – (Form BA-403 should have been filed on or before the 
                      Original return due date)
                    • This is a return for a Unitary group
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                    • Public Law 86-272 protection is claimed – in this case only the minimum tax will be due.
                    • The Mailing Address has changed
                    • This is an Amended Return
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                    • A Federal Extension has been requested - In this case a copy of the Federal Form 7004, 
                      Application for Automatic Extension of Time To File Certain Business Income Tax, 
                      Information, and Other Returns, should be included.

                    • This is a Revenue Agent’s Report (RAR) Amended Return                                          Page 9
                    • This is a Pro Forma - Cannabis Return
                    • This is a Final Return - This means the entity has ceased doing business in Vermont, and 
                      the Corporate Income Tax account will be closed.
        • Enter the entity’s federal employer identification number
        • Enter the entity’s primary NAICS (North American Industrial Classification System) code.  
          See www.census.gov/naics for applicable codes.
        • Enter the beginning and ending dates of the entity’s fiscal year (YYYYMMDD). If the business uses 
          a 52/53 week year, use the first and last day and month that would be reported if the 52/53 system was 
          not being used. 
        • For affiliated groups only: Enter the total number of companies in the Water’s Edge Group and the 
          number of taxpayer affiliates with activity and/or sales in Vermont. Leave these fields blank if return is 
          being filed for a stand-alone corporation.
        • Place an “X” in the appropriate box to indicate federal tax return filed. 

                            Line-by-Line Instructions
Use a negative sign (“-”) to indicate a negative number.
Line 1  Federal Taxable Income: Enter the amount from federal Form 1120, Line 28.
        Net Operating Loss: For tax years starting Jan. 1, 2007, and later, Vermont is not coupled to the federal 
        net operating loss deduction. Any federal NOL deduction (generally federal Form 1120, Line 29a) should 
        not be deducted from Line 28 (taxable income) to arrive at the income amount for Form CO-411, Line 1. 
        Vermont Net Operating Loss will be deducted from Form CO-411, Line 11.
        For a Combined Report: Enter the group’s combined net income or loss as reported to the federal 
        government, and accounting for modifications above. If the Vermont group consists entirely or mostly 
        of a  federal consolidated group, enter the amount from the return filed with the IRS. Do not 1) include 
        financials from companies that are not included in the federal consolidated return, or 2) remove financials 
        from companies excluded from the Vermont return. These adjustments will be made below.
Line 1a Special Deductions as filed with IRS: Enter the amount as filed with the IRS on federal Form 1120, 
        Line 29b. For a combined report, enter the special deductions reported on the return of the consolidated 
        group, as directed in Line 1 above. Enter Line 1a as a negative number.
        Note: Lines 1b through 1f are for combined reports for unitary groups. Leave blank for returns for 
        stand-alone corporations.
                                                                                                                           Instructions have NOT 
        Provide a statement detailing the calculations for numbers reported on Lines 1b through 1f. Identify all 
        companies included in Lines 1b and 1c.
Line 1b Income/Loss from additional unitary member corporations that are            included      in the Vermont 
        combined group, but are  not  part of the federal consolidated return:      Enter the sum of Lines 28 
        on federal Form 1120 for all unitary entities not included in Line 1, as filed with the IRS, and prior to          been edited for 2015 yet
        eliminations. Also use this line to report taxable income from any entities which file an 1120PC, 1120-F, 
        1120-REIT, or similar IRS forms filed by a unitary member that is included in the Vermont combined 
        report, but is not included in the IRS consolidated return.

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Line 1c Income/Loss from entities included in the federal consolidated return in Line 1, but excluded from 
        Vermont combined group: This line      removes the net income/loss of these entities from Vermont net 
        income. Enter the sum of Lines 28 on federal Form 1120 for all non-unitary entities, prior to eliminations. 
        Examples of these companies include captive insurance companies (excluded from Vermont unitary groups 
        by law/regulation) and corporations included in the consolidated return that are not unitary with the group.     Page 10
        Enter a negative number to subtract net income of these corporations from Line 1, or a positive number to 
        add back a net loss.
Line 1d Special Deductions: Vermont adjustments to federal special deductions:      Enter net amount(s) and 
        Vermont adjustment(s) (if necessary) to the federal special deductions line(s) (Form 1120, Line 29b) to reach 
        the correct amount of special deductions for the Vermont Unitary group. The purpose of these adjustments 
        is to ensure that earnings and profits of the unitary group are taxed correctly (for instance, taxing the income 
        that generates dividends paid and received by the group once, but only once) in accordance with Vermont 
        law and regulations, including Vt. Reg. § 1.5862(d)-7(e)(4). (Do not include the special deductions already 
        reported on Line 1a.) Use this line to:
        1. Report the net Special Deductions (Form 1120 Line 29b) of companies identified in Lines 1b and 1c – 
           that is, those companies where the Vermont unitary group differs from the federal consolidated group.
                    a. For companies included in the Vermont group that are not included in the federal consolidated 
                       return (Line 1b), report the adjustment as a negative to subtract the deduction from net income.
                    b. For companies excluded from the Vermont group that are included in the federal consolidated  
                       return (Line 1c), report the adjustment as a positive number.
        2. Allow a deduction for dividends when the income has been previously taxed by Vermont.
        3.  Report any tax dividend income coming from outside the unitary group. 
           Note that Vermont does not consider REIT dividends to be “dividends” in the sense described here 
           and must be included in the group income in the same manner as prescribed under IRC § 243(d).
        Provide a statement detailing the calculations for this line. This net adjustment may be positive or negative.
Line 1e Eliminations:  Vermont  adjustments  to  federal  eliminations:      Enter  state  adjustments  to  federal 
        eliminations to reach the recomputed eliminations deduction according to Vt. Reg. § 1.5862(d)-7(e)(5). 
        This may be positive or negative.
Line 1f Other: Other Vermont adjustments to Combined Net Income: Enter any other adjustments to combined 
        net income necessitated by our statutes and regulations. Include a statement on any “other” adjustments 
        taken on this line and cite the rule requiring the adjustment.
Line 1g Federal Taxable Income as Adjusted for Combined Net Income:          Add Lines 1 through 1f. Enter your 
        calculations for combined net income as prescribed under 32 V.S.A. § 5862(d) and the rules thereunder.
        Special Considerations: Foreign Income: Subpart F income reported by a parent on a federal consolidated 
        return is a taxable element of combined net income under Reg. § 1.5862(d)-7(f). Foreign income reported by 
        a parent may not be blocked from Vermont income by another corporation, including a domestic corporation 
        that would otherwise be excluded from the affiliated group. Taxpayers should balance to the amounts of 
                                                                                                                                Instructions have NOT 
        foreign income reported on the federal consolidated return actually filed with the IRS to be in compliance 
        with our unitary combined net income statutes and regulations.

                                                                                                                                been edited for 2015 yet

                                                                                    Form CO-411 Instructions
                                                                                                Page 10 of 15
www.tax.vermont.gov                                                                             Rev. 03/24

Line 2    Bonus Depreciation Adjustment:       Vermont does not allow the special “bonus” depreciation provision 
          of the Federal Jobs Creation and Worker Assistant Act of 2002, the Federal Jobs and Growth Tax Relief 
          Reconciliation Act of 2003, the Economic Stimulus Act of 2008, the Tax Cuts and Jobs Act of 2017, or the 
          2009 extension for certain transportation and aircraft property (I.R.C. § 168[k]). If taken in the current or 
          in prior years, the federal taxable income must be recomputed without the 30%, 50%, or 100% special           Page 11
          bonus depreciation. Report the net adjustment from federal income to Vermont income as a result of 
          disallowing bonus depreciation. Report an increase in income as a positive number, and a decrease as a 
          negative number. Attach a statement of explanation as described in the “Additional Statements” section. 
           
          For combined reports, Line 2 should include the bonus depreciation adjustment for the entire Vermont 
          combined group, not just the consolidated group included in Line 1.
Line 3    Federal Taxable Income adjusted for disallowance of Bonus Depreciation: Add Lines 1 and 2 to arrive 
          at federal taxable income, as adjusted to disallow bonus depreciation.
Line 4    Vermont Adjustments to Taxable Income.    For combined reports, Line 4 adjustments should include 
          adjustments for the entire Vermont combined group, not just the consolidated group included in Line 1.
Add: 
Line 4a   Interest on non-Vermont state and local obligations:  Enter the amount of interest received from 
          non-Vermont state and local obligations that were exempted from federal tax (for example, Municipal 
          bonds). 
Line 4b   State and local income or franchise taxes:Enter the amount of state and local tax deductions taken on the 
          federal return(s). State and local income taxes are taxes on or measured by income; franchise taxes are those 
          measured by net income, or for the privilege of doing business, or capital stock taxes. These are deductible 
          for federal income tax, but taxable in Vermont. Attach a statement showing a detail of the taxes claimed as 
          deductions on the federal return(s). 
Subtract: 
Line 4c   Non-apportionable income or loss allocated everywhere: Enter the amount of non-apportionable income 
          or loss included on Schedule BA-402, Line 1a, or leave blank.
Line 4d   Foreign dividends received from overseas business organizations as defined by Reg. § 1.5862(d): For 
          unitary groups only. Enter the total amount of net income included on federal Form 1120, Schedule C, 
          Lines 14, 16(b), 16(c), 17, and 19, then subtract the amount from Line 22. (The Section 250 deduction 
          should reduce the foreign dividends deduction on the Vermont return, as it reduces the total amount of 
          foreign income included in Line 1 of the CO-411.) Parents that file a consolidated federal return with the 
          IRS should generally balance to the foreign income amounts on the consolidated Schedule C as filed with 
          the IRS. 
          Dividends from Lines 12, 14, and 16(a) may also be includable if the income leading to the distribution was 
          not taxed by Vermont in prior year returns and subject to a modified apportionment factor, calculated on 
          Schedules CO-419 and CO-420. If you are calculating the modified apportionment factor, these dividends 
          are subtracted from apportionable income here, and then the amount of taxable foreign dividends calculated 
          with the modified apportionment percentage is added back on Form CO-411, Line 9.                                     Instructions have NOT 
          Foreign dividends and Subpart F income declared by the unitary group on a federal consolidated return is 
          included in the calculation of foreign dividend income. If an otherwise excluded entity is the recipient of 
          this income, but the entity is included in a federal consolidated return filed by the parent, the income is 
          treated under Vermont Reg 1.5862(d)-7(f) as attributable to the unitary group, and is taxable with no imputed        been edited for 2015 yet
          dividend deductions.

          If there are no taxable foreign dividends, or you are not calculating the modified apportionment, enter -0-. 
          Standalone corporations, enter -0-.
                                                                                        Form CO-411 Instructions
                                                                                             Page 11 of 15
www.tax.vermont.gov                                                                                    Rev. 03/24

Line 4e  Interest on U.S. Government obligations: Enter the amount of interest received from U.S. Government 
         obligations included on the federal return(s).
Line 4f  “Gross Up” required by I.R.C. § 78 and other excludable income:        Enter the total amount of income 
         included on federal Form 1120, Schedule C, Line 15 to the extent this income has been included in Vermont 
                                                                                                                         Page 12
         combined income declared in Line 1 of the CO-411.
Line 4g  Targeted Job Credit salary and wage expense:         Enter the wage expense, if any, associated with the 
         Work Opportunity Credit (formerly described as the Targeted Job or WIN Credits) but disallowed on the 
         federal return by I.R.C. § 280C(a). Note this allowance is limited in scope to solely any disallowed wages 
         associated with the specific credit cited here, and no others.
Line 5   Net Apportionable Income: Line 3 plus Lines 4a and 4b less Lines 4c through 4g.
Line 6   Vermont Apportionment Percentage:Enter        100% or the amount from Schedule BA-402,        Line 14. Express 
         as a percentage, with six digits to the right of the decimal. Attach Schedule BA-402 if Line 6 is not 100%, 
         or if any income is apportioned or allocated to a jurisdiction other than Vermont. If no Schedule BA-402 is 
         attached, Line 6 will be adjusted to 100%. 
Line 7   Income Apportioned to Vermont: Multiply Line 5 by Line 6.
Line 8   Income Allocated to Vermont: Enter the amount from Schedule BA-402, Line 1b. 
         If income was received from a pass-though entity, and that entity paid composite tax, enter the negative 
         amount in order to exclude that income and prevent double taxation. (This should be reported on Schedule 
         BA-402, Line 1b.) Include a statement identifying the entity that earned the income and paid composite tax.
         NOTE:      If the pass-through is engaged in a unitary business with corporate owner, deduct the composite 
         income here but include the pro rata unitary sales factor from the pass-through in the apportionment 
         schedule on Schedule BA-402, Line 9.
Line 9   Foreign Dividends Apportioned to Vermont: For combined reports only. Enter the amount from Schedule 
         BA-402, Line 1d (same as Schedule CO-419, Line 6). Refer to Regulation § 1.5862(d) -7(f) and -8(b), and 
         Schedules CO-419 and CO-420, and Instructions. Enter -0- if this return is for a standalone corporation.
Line 10  Net Vermont Income Allocated and Apportioned to Vermont: Add Lines 7, 8, and 9.
Line 11  Vermont Net Operating Loss (VNOL) deduction applied           (attach schedule in PDF format). If Line 10 
         is negative, you have a VNOL, available to carry forward to offset Vermont net taxable income for up to 
         10 years. VNOL may not be carried back to a prior year return. VNOL remains available to carry forward 
         even if the company has elected to carry back the operating loss for federal purposes. VNOL would have 
         been incurred as a negative amount after apportionment and allocation of Vermont income in 2007 or later 
         or may have been converted from available pre-2007 NOLs into an “Initial VNOL” in 2007. For tracking, 
         VNOL must be applied on a first-in, first-out basis. Any converted Initial VNOL must be used first. Include 
         a statement/schedule to track the availability of the VNOL. The schedule must detail loss years, utilization 
         years, expiration years, and available carryover. If VNOL used or carried over includes any Initial VNOL 
         converted from remaining pre-2007 NOL, provide a copy of the conversion worksheet from the 2007 
         return, updating for amounts used. Enter any deduction taken for a VNOL. Line 11 cannot be greater than 
         Line 10; VNOL cannot reduce Vermont Net Taxable Income below zero.                                                     Instructions have NOT 
Line 12  Vermont Net Taxable Income for this entity. Subtract Line 11 from Line 10. 
Line 13  Vermont Tax. Apply Vermont Tax Rates (below) to amount on Line 12. Compute the tax using the tax 
         computation schedule, below. Enter this amount or the minimum tax, whichever is more. The minimum tax 
         is due even if the corporation operated at a loss. Minimum tax is based on Vermont Gross Receipts, reported            been edited for 2015 yet
         on Line 17, and defined in the instructions to Line 17, below.
                     Graduated rates effective for tax years beginning on or after January 1, 2023.

                                                                                        Form CO-411 Instructions
                                                                                                           Page 12 of 15
www.tax.vermont.gov                                                                                            Rev. 03/24

                                     TAX COMPUTATION SCHEDULE

        If Vermont Net Income is:                                                           Tax is:
        $10,000 or less ............................................. 6.0% (or minimum tax, per Vermont Gross Receipts).
        $10,001 to $25,000  ............................................................ $600 plus 7.0% of excess over $10,000.                         Page 13
        $25,001 and over ............................................................ $1,650 plus 8.50% of excess over $25,000

        If Vermont Gross Receipts are:                                                   Minimum Tax is:
        $500,000 or less ......................................................................................................................... $100
        $500,001 - $1,000,000  .............................................................................................................. $500
        $1,000,001 - $5,000,000 ......................................................................................................... $2,000
        $5,000,001 - $300,000,000 ..................................................................................................... $6,000
        $300,000,000 and over ........................................................................................................ $100,000
        Exceptions to the minimum tax are:
                    1.  SMALL FARM CORPORATIONS as defined in 32 V.S.A. § 5832(2)(A), pay a minimum 
                     annual entity tax of $75, and income tax greater than that based on the graduated rates, above. 
                     The entity must be solely owned by active participants and have Vermont gross receipts of less 
                     than $100,000.
                    2.  INACTIVE OUT-OF-STATE CORPORATIONS are not required to pay the annual entity 
                     tax. Inactive corporations are non-Vermont corporations with no taxable activity or investments 
                     in this state that file to keep the account active. This exception may be claimed if you are a 
                     foreign business that has periodic, recurring activity in Vermont and in the current year the 
                     entity has no nexus with Vermont. Check the “No Vermont Activity” box if the exception 
                     applies. 
                     Vermont businesses may not claim “No Vermont Activity.” By statute, a Vermont business 
                     registered with the Secretary of State must pay tax under 32 V.S.A. § 5811(15)(B), regardless 
                     of whether it generated income. (See also 32 V.S.A. § 5832(2)(C) stating that C corporations 
                     may have no gross receipts and still be required to pay the minimum entity tax. Other non-
                     cash activities, such as holding land, providing services to Vermont customers, and engaging 
                     in activity that leads to a net loss disqualify a business from claiming “No Vermont Activity.” 
                     Please see Technical Bulletin TB-70 for more information.
                    3.  HOMEOWNERS AND CONDOMINIUM ASSOCIATIONS that file federal 
                     Form 1120-H are not required to pay the Vermont minimum corporate tax by an administrative 
                     decision of the Department. A homeowners/condo association is subject to Vermont income 
                     tax under 32 V.S.A. § 5832, at current tax rates, on its taxable income as defined by 26 U.S.C. 
                     § 528(d)(1). If the association makes this election, then it is exempted from the minimum 
                     tax only. The election does not exempt the association from the corporate income tax on its 
                     federal taxable income. If the association does not make this election, then it must pay both 
                     the minimum tax and any additional income tax due based on the rates. Mark the appropriate 
                     box, claiming the exemption, at the bottom of Form CO-411, page 1. Include a copy of federal                                              Instructions have NOT 
                     Form 1120-H.
Line 14 Credits. If Vermont tax credits are claimed, Schedule BA-404  must  be  filed,  and  all  authorization 
        documents, documentation, and calculations as required by the program guidelines of the credit being 
        claimed must be attached. Enter the amount from Schedule BA-404, Column C, Line 11. Line 14 cannot                                                     been edited for 2015 yet
        reduce tax below the minimum tax.
        For unitary groups, credits are accounted for on a separate company basis and their use is limited to the 
        affiliate that generated it. 

                                                                                         Form CO-411 Instructions
                                                                                            Page 13 of 15
www.tax.vermont.gov                                                                                                                           Rev. 03/24

Line 15  Use Tax. Use this line to report use tax due. When a seller does not charge the buyer Vermont Sales Tax 
         on an item taxable in Vermont, the buyer must pay Vermont Use Tax. Nontaxable items such as food and 
         clothing are excluded. Taxable items sold over the internet, by mail-order, by phone, or bought out-of-state 
         and used in Vermont generally qualify. Use tax applies whether you are resident or nonresident. The use 
         tax rate is the same as the sales tax rate: 6%.                                                              Page 14
Line 16  Tax Due for this entity Subtract Line 14 from Line 13, then add Line 15.
Line 17  Gross Receipts   Enter the total gross receipts for the corporation attributable to Vermont.  Gross receipts 
         are the total amounts the organization received from all Vermont sources during its annual accounting 
         period, without subtracting any costs or expenses.  The amount of the gross receipts may not be less than 
         zero.  This amount is used to determine the minimum tax.
Line 18  Payments.
Line 18a Estimated Payments. Enter the total amount of Estimated Payments made for this tax year.
Line 18b Payment with Extension. Enter the amount of any payment with Extension made for this tax year.
Line 18c Nonresident Estimated Payments.    Enter the amount of estimated payments made on behalf of this 
         company by pass-through business (S-Corp, Partnership, or LLC) of which this corporation is a shareholder, 
         partner, or member. Payments would have been made by the pass-through business using Form WH-435, 
         Estimated Income Tax Payments for Nonresident Shareholders, Partners, or Members. The entity’s business 
         income tax return must be filed in order to receive credits for the payments.
Line 18d Real Estate Withholding Payments.  Enter  the  amount  of  real  estate  withholding  (REW)  on  sales 
         (Form RW-171, Vermont Withholding for Transfer of Real Property, Schedule A). REW would have 
         been withheld at closing on your behalf by the buyer of Vermont real estate that you sold.
Line 18e Prior Year Overpayment Applied. Enter the amount of prior year overpayment applied to the current year 
         taxes.
Line 18f Total Payments. Enter the sum of Lines 18a through 18e.
Line 19  Balance Due. If Line 16 is more than Line 18f, subtract Line 18f from Line 16. Make check payable to 
         Vermont Department of Taxes.
Line 20  Payment submitted with this return.
Line 21  Overpayment. If Line 18f is more than Line 16, subtract Line 16 from Line 18f.
Line 22  Overpayment to be applied to next tax year. Enter the amount of overpayment to be applied toward next 
         year’s corporate income taxes.
Line 23  Overpayment to be refunded. Enter the amount of overpayment to be refunded. Line 22 plus Line 23 must 
         equal Line 21.
Be sure to sign and date the return. Provide a daytime phone number to expedite resolution of any issues that may 
         arise. Check the box if you authorize the Vermont Department of Taxes to contact your tax preparer 
         directly with any questions about this return.
Send return and check to:                                                                                                    Instructions have NOT 
         Vermont Department of Taxes
         133 State Street
         Montpelier, VT  05633-1401
                                                                                                                             been edited for 2015 yet

                                                                                       Form CO-411 Instructions
                                                                                                   Page 14 of 15
www.tax.vermont.gov                                                                                Rev. 03/24

              Vermont Nonprofit Income Tax Return Instructions

Nonprofit organizations with unrelated business income in Vermont are required to complete 
              Form CO-411 and include a copy of their federal return.
                                                                                                                          Page 15
Who must file?
              A nonprofit organization that carried out business in Vermont and had unrelated business income of 
              greater than $1,000 in Vermont is required to complete the Vermont Corporate Income Tax Return. If 
              your nonprofit has affiliates that engaged in your unrelated business income, you will need to follow the 
              instructions for combined reporting. If you have no affiliates engaged in unrelated business activities, 
              complete Form CO-411. For purposes of determining if there is a filing requirement, and consistent with 
              federal treatment, the $1,000 threshold refers to gross receipts, not net income.
              Carrying out business in Vermont for any tax year means:
                    •   Owning property in Vermont that yielded rental income
                    •   Having an office in Vermont where employees carried out unrelated business
                    •   Carrying out services in Vermont that produced unrelated business income.
              Unrelated business income is defined by the Internal Revenue Service. Publication 598 from the Internal 
              Revenue Service provides the following general description:
                    Unrelated business income is the income from a trade or business regularly carried on by 
                    an exempt organization and not substantially related to the performance by the organization 
                    of its exempt purpose or function, except that the organization uses the profits derived from 
                    this activity.
              The two key terms in this description are “regularly carried out” and “not substantially related to the 
              performance … of its exempt purpose or function.” Vermont uses the same definition of unrelated business 
              income as does the Internal Revenue Service. If your income meets the requirements to report income on 
              federal Form 990-T, then you must complete Vermont corporate income tax forms as well.
How to file?
              The instructions for Form CO-411 are the same instructions that nonprofits need to follow for filing the 
              state return. In addition, nonprofits shall include the first page of federal Form 990 and the complete 
              Form 990-T. The unrelated taxable income reported on Form 990-T, Line 34, is reported as taxable income 
              on Form CO-411, Line 1.
Apportionment of income 
              If a nonprofit organization’s income is derived entirely from activities within the state, its Vermont net 
              income is allocated entirely to Vermont. If the nonprofit organization’s income is derived from activities 
              conducted both in Vermont and another state or states, its Vermont net income is apportioned as provided 
              in 32 V.S.A. § 5833 on Schedule BA-402. For example, income derived from sales of tangible personal 
              property that occur in more than one state as a fundraising activity is apportioned between or among the 
              states. In cases where the nonprofit organization is a part of an affiliated group and other members of the        Instructions have NOT 
              affiliated group report unrelated business income, the Vermont nonprofit organization must complete 
              Schedule BA-402 and apportion the combined group’s unrelated business income.
              See Technical Bulletin TB-59, Unrelated Business Income of Exempt Corporations, on the Department’s 
              website for further information on this subject.                                                                   been edited for 2015 yet

                                                                                               Form CO-411 Instructions
                                                                                                    Page 15 of 15
www.tax.vermont.gov                                                                                 Rev. 03/24

                    Contacting the Department

Mailing address: 
                            Taxpayer Services: (802) 828-5723
                                                                               Page 16
Vermont Department of Taxes Email Address:     tax.corporate@vermont.gov
133 State Street            Website Address:   www.tax.vermont.gov
Montpelier, VT  05633-1401  Forms:             (802) 828-2515

                                                                               INSTR  (Place at LAST page)
                                                                               Instr. pages 

                                                                               1 - 16

                                                                                                Instructions have NOT 

                                                                                                          been edited for 2015 yet

                                               Form CO-411 Instructions
                                                                  Page 16 of 15
www.tax.vermont.gov                                               Rev. 03/24