1                                                                                                                                                                                                                                                                  1
 0  0  0  0 20  0  0  0  0  1  1  1  1  1  1  1  1  1  1  2  2  2  2  2  2  2  2  2  2  3  3  3  3  3  3  3  3  3  3  4  4  4  4  4  4  4  4  4  4  5  5  5  5  5  5  5  5  5  5  6  6  6  6  6  6  6  6  6  6  7  7  7  7  7  7  7  7  7  8  8  8  8  8  8  8               2
 1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5
          3                                                                                                                                                                                                                                                                  3
          4                          Vermont Department of Taxes                                                                                                                                                                                                             4
          5                                                                                                                                                                                                                                                                  5
          6                          2023 Schedule IN-119                                                                                                                         *231191100*                                                                                6
          7                                                                                                                                                                                                                                                                  7
                            Vermont Tax Adjustments and                                                                                                                           *231191100*
          8                                                                                                                                                                                      INCLUDE WITH FORM IN-111                                                    8  Page 5
          9                          Nonrefundable Credits                                                                                                                                                                                                                   9
          10                                                                                                                                                                               Please PRINT in BLUE or BLACK INK                                                 10
          11                         Taxpayer’s Last Name                                                                            First Name                                   MI                            Taxpayer’s Social Security Number                            11
          12                                                                                                                                                                                                                                                                 12
                   1234567890123(17)       1234567890123(17)    1   123456789
          13                                                                                                                                                                                                                                                                 13
          14                                                                                                                                                                                                                                                                 14
                 PART                                                                    I ADJUSTMENTS TO VERMONT INCOME TAX
          15                                                                                                                                                                                                                                                                 15
          16     ADDITIONS TO VERMONT TAX                                                                                                                                                                                                                                    16
          17                                                                                                                                                                                                                                                                 17
                   1.       Tax on Qualified Plans including IRA, HSA, and MSA (reported 
          18                                           12345678901234on federal Form 1040, U.S. Individual Income Tax Return) .....        1.  ____________________________ .00                                                                                              18
          19                                                                                                                                                                                                                                                                 19
                   2.       Recapture of Federal Investment Tax Credit  
          20                                           12345678901234(reported on Form 1040) .................................             2.  ____________________________ .00                                                                                              20
          21                                                                                                                                                                                                                                                                 21
          22       3.                                      12345678901234Tax from federal Form 4972, Tax on Lump-Sum Distributions  ..     3.  ____________________________ .00                                                                                              22
          23                                                                                                                                                                                                                                                                 23
          24                                                                 123456789012344. ADD Lines 1 through 3 .................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.  ___________________________                     .00 24
          25                                                                                                                                                                                                                                                                 25 FORM  (Place at FIRST page)
          26                                             123456789012345.  MULTIPLY Line 4 by 24% (0.24)  .......................          5.  ____________________________ .00                                                                                              26 Form pages 
          27                                                                                                                                                                                                                                                                 27
          28       6.                                      12345678901234Recapture of Vermont Credits (See instructions) ..............    6.  ____________________________ .00                                                                                              28
          29                                                                                                                                                                                                                                                                 29
          30                                                                 123456789012347.  ADD Lines 5 and 6. ..................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.  ___________________________                    .00 30
          31                                                                                                                                                                                                                                                                 31
                                                                                                                                                                                                                                                                                5 - 6
          32     SUBTRACTIONS FROM VERMONT TAX                                                                                                                                                                                                                               32
          33                                                                                                                                                                                                                                                                 33
          34       8.                                      12345678901234Credit for the Elderly or the Disabled (federal Schedule R) ......8.  ____________________________ .00                                                                                              34
          35                                                                                                                                                                                                                                                                 35
                   9.       Investment Tax Credit - Vermont-based only 
          36                                           12345678901234(See instructions)  ......................................            9.  ____________________________ .00                                                                                              36
          37                                                                                                                                                                                                                                                                 37
                  10.       Vermont Farm Income Averaging Credit 
          38                                           12345678901234(from worksheet in instructions) ..........................        10.  ____________________________ .00                                                                                                38
          39                                                                                                                                                                                                                                                                 39
          40                                                                1234567890123411.  ADD Lines 8 through 10 ................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.  ___________________________                     .00 40
          41                                                                                                                                                                                                                                                                 41
          42                                            1234567890123412.  MULTIPLY Line 11 by 24% (0.24) .....................12.  ____________________________ .00                                                                                                         42
          43                                                                                                                                                                                                                                                                 43
          44      13.                                      12345678901234Vermont-based Solar Energy Credit carryforward ............    13.  ____________________________ .00                                                                                                44
          45                                                                                                                                                                                                                                                                 45
          46                                                                1234567890123414. ADD Lines 12 and 13 ................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.  ___________________________                       .00 46
          47                                                                                                                                                                                                                                                                 47
          48     NET ADJUSTMENTS TO VERMONT TAX                                                                                                                                                                                                                              48
          49                                                                                                                                                                                                                                                                 49
                  15.  SUBTRACT Line 14 from Line 7.  Enter on Form IN-111, Vermont Income Tax Return,  
          50                                                               12345678901234Line 9.  This can be a negative number. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.  ___________________________.00 50
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          58                                                                                                                                                                                                                                                                 58
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          60                                                                                                                                                                                                                                                                 60
          61                                                                                                                                                                                                                         Schedule IN-119                         61
          62                                                                                                                                                                                                                                  Page 1 of 2                    62
          63                            5454                                                                                                                                                                                                     Rev. 10/23                  63
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 1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5
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          1                                                                                                                                                                                                                                                                                  1
 0  0  0  0 20  0  0  0  0  1  1  1  1  1  1  1  1  1  1  2  2  2  2  2  2  2  2  2  2  3  3  3  3  3  3  3  3  3  3  4  4  4  4  4  4  4  4  4  4  5  5  5  5  5  5  5  5  5  5  6  6  6  6  6  6  6  6  6  6  7  7  7  7  7  7  7  7  7  8  8  8  8  8  8  8                               2
 1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5
          3                                                                                                                                                                                                                                                                                  3
          4                                            Taxpayer’s Last Name                                     Social Security Number                                                                                                                                                       4
          5                                                                                                                                                                                                                                                                                  5
                         1234567890123(17)    123456789
          6                                                                                                                                                                       *231191200*                                                                                                6
          7                                                                                                                                                                                                                                                                                  7
                                                                                                                                                                                  *231191200*
          8                                                                                                                                                                                                                                                                                  8  Page 6
          9                                                                                                                                                                                                                                                                                  9
          10                                                                                                                                                                                  INCLUDE WITH FORM IN-111                                                                       10
          11     PART II  VERMONT INCOME TAX CREDITS                                                                                                                                                                                                                                         11
          12                                                                                     2023 Contribution                                                                                                                                        Credit                             12
          13       1.       Vermont Higher Education                                             eligible for credit                                                                                                                                                                         13
                            Investment (32 V.S.A § 5825a) 
          14                            See instructions ...................               ________________123456789                              .00                 TIMES (X)   .10       =                                              ________________123456789     .00                 14
          15                                                                                                                                                                                                                                                                                 15
          16     For credits earned through an S-Corporation, LLC, or Partnership, enter name and FEIN of the entity                                                                                                                                                                         16
          17                                                                            Name of Entity                                                                                                                               FEIN                                                    17
          18                                                                                                                                                                                                                                                                                 18
                   123456789012345678901234567890123456             123456789
          19     If credits from more than one business entity, fill out a separate IN-119 for each entity.                                                                                                                                                                                  19
          20                                                                                                                                                                                                                                                                                 20
                                                                                                       Column A                               PLUS                             Column B                            EQUALS                              Column C
          21                                                                                     Earned in 2023                                  (+)                        Carryforward                                 (=)                                                                 21
          22             Charitable Housing                                                                                                                                                                                                                                                  22
                   2.
          23                            (32 V.S.A. § 5830c) ............             2A. 123456789          _______________.00                               2B. 123456789          _______________.00                               2C. 123456789_______________.00                         23
          24                Qualified Sale of Mobile Home Park                                                                                                                                                                                                                               24
                   3. 
          25                            (32 V.S.A. § 5828) .............             3A. 123456789          _______________.00                               3B. 123456789          _______________.00                               3C. 123456789_______________.00                         25 FORM  (Place atLAST page)
          26       4.    Research & Development                                                                                                                                                                                                                                              26 Form pages 
          27                            (32 V.S.A. § 5930ii) ............            4A. 123456789          _______________.00                               4B. 123456789          _______________.00                               4C. 123456789_______________.00                         27
          28     Prior approval required from Vermont Housing Finance Agency for Line 5                                                                                                                                                                                                      28
          29                Affordable Housing                                                                                                                                                                                                                                               29
                   5. 
          30                            (32 V.S.A § 5930u) .............             5A. 123456789          _______________.00                               5B. 123456789          _______________.00                               5C. 123456789_______________.00                         30
          31                Historic Rehabilitation                                                                                                                                                                                                                                          31
                   6.                                                                                                                                                                                                                                                                           5 - 6
          32                            (32 V.S.A. § 5930cc(a))  .........           6A. 123456789          _______________.00                               6B. 123456789          _______________.00                               6C. 123456789_______________.00                         32
          33                Facade Improvement                                                                                                                                                                                                                                               33
                   7. 
          34                            (32 V.S.A. § 5930cc(b)) .........            7A. 123456789          _______________.00                               7B. 123456789          _______________.00                               7C. 123456789_______________.00                         34
          35                Code Improvements                                                                                                                                                                                                                                                35
                   8. 
          36                            (32 V.S.A. § 5930cc(c)) .........            8A. 123456789          _______________.00                               8B. 123456789          _______________.00                               8C. 123456789_______________.00                         36
          37                                                                                                                                                                                                                                                                                 37
          38                                                                      1234567899. ADD Column C, Lines 1 through 8.  If no credit claimed on Line 10, enter this amount on Form IN-111, Line 18  ..                          9.  _______________.00                               38
          39                                                                                                                                                                                                                                                                                 39
          40     Tax Credit Calculation Worksheet                                                                                                                                                                                                                                            40
          41                                                                     12345678910. Vermont Entrepreneur’s Seed Capital Fund (32 V.S.A. § 5830b)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10.  _______________.00                        41
          42                                                                                                                                                                                                                                                                                 42
          43                                                                     12345678911. Enter adjusted Vermont income tax amount from Form IN-111, Line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.  _______________.00                              43
          44                                                                                                                                                                                                                                                                                 44
          45                                                                     12345678912. Enter credit for income tax paid to another state or Canadian province from Form IN-111, Line 17   . . . . . . . . . . . . . .12.  _______________.00                                          45
          46                                                                                                                                                                                                                                                                                 46
          47                                                                     12345678913. SUBTRACT Line 12 from Line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13.  _______________.00           47
          48                                                                                                                                                                                                                                                                                 48
          49                                                                     12345678914. Enter the lesser of Line 9 or Line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14.  _______________.00 49
          50                                                                                                                                                                                                                                                                                 50
          51                                                                     12345678915.  SUBTRACT Line 14 from Line 13. The result cannot be less than zero  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15.  _______________.00                              51
          52                                                                                                                                                                                                                                                                                 52
          53                                                                     12345678916.  MULTIPLY Line 15 by 50% (0.50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16.  _______________.00           53
          54                                                                                                                                                                                                                                                                                 54
          55                                                                     12345678917.  Enter the lesser of Line 10 or Line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.  _______________.00 55
          56                                                                                                                                                                                                                                                                                 56
          57                                                                     12345678918. Total Credits Allowable. ADD Lines 14 and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18.  _______________.00                57
          58      19.  Total Income Tax Credits Available.  Enter the lesser of Line 13 or Line 18.                                                                                                                                                                                          58
          59                                                                    123456789Enter this amount on Form IN-111, Line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19.  _______________.00              59
          60                                                                                                                                                                                                                                                                                 60
          61                                                                                                                                                                                                                         Schedule IN-119                                         61
          62                                                                                                                                                                                                                                  Page 2 of 2                                    62
          63                            5454                                                                                                                                                                                                     Rev. 10/23                                  63
 0  0  0  0 640  0  0  0  0 1  1  1  1  1  1  1  1  1  1  2  2  2  2  2  2  2  2  2  2  3  3  3  3  3  3  3  3  3  3  4  4  4  4  4  4  4  4  4  4  5  5  5  5  5  5  5  5  5  5  6  6  6  6  6  6  6  6  6  6  7  7  7  7  7  7  7  7  7  8  8  8  8  8  8  8                               64
 1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5  6  7  8  9  0  1  2  3  4  5
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