Vermont Department of Taxes 

             2023 Schedule IN-119                                                                                                 *231191100*
      Vermont Tax Adjustments and                                                                                                 *231191100*
                                                                                                                                     INCLUDE WITH FORM IN-111                                                                                              Page 5
               Nonrefundable Credits
                                                                                                                                     Please PRINT in BLUE or BLACK INK
               Taxpayer’s Last Name                                                       First Name                              MI                           Taxpayer’s Social Security Number
  1234567890123(17)       1234567890123(17)    1   123456789

PART                                                                    I ADJUSTMENTS TO VERMONT INCOME TAX

ADDITIONS TO VERMONT TAX
  1.  Tax on Qualified Plans including IRA, HSA, and MSA (reported 
                                      12345678901234on federal Form 1040, U.S. Individual Income Tax Return) .....1.  ____________________________ .00
  2.  Recapture of Federal Investment Tax Credit  
                                      12345678901234(reported on Form 1040) .................................2.  ____________________________ .00

                                      12345678901234  3. Tax from federal Form 4972, Tax on Lump-Sum Distributions  ..3.  ____________________________ .00

                                                          12345678901234  4. ADD Lines 1 through 3 .................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.  ___________________________                     .00
                                                                                                                                                                                                                                                           FORM  (Place at FIRST page)
                                        123456789012345.  MULTIPLY Line 4 by 24% (0.24)  .......................5.  ____________________________ .00                                                                                                       Form pages 

                                      12345678901234  6. Recapture of Vermont Credits (See instructions) ..............6.  ____________________________ .00

                                                          12345678901234  7.  ADD Lines 5 and 6. ..................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.  ___________________________                    .00
                                                                                                                                                                                                                                                           5 - 6
SUBTRACTIONS FROM VERMONT TAX

                                      12345678901234  8. Credit for the Elderly or the Disabled (federal Schedule R) ......8.  ____________________________ .00
  9.  Investment Tax Credit - Vermont-based only 
                                      12345678901234(See instructions)  ......................................9.  ____________________________ .00
 10.  Vermont Farm Income Averaging Credit 
                                      12345678901234(from worksheet in instructions) .......................... 10.  ____________________________ .00

                                                          12345678901234 11.  ADD Lines 8 through 10 ................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.  ___________________________                     .00

                                       1234567890123412.  MULTIPLY Line 11 by 24% (0.24) .....................12.  ____________________________ .00

                                      12345678901234 13. Vermont-based Solar Energy Credit carryforward ............ 13.  ____________________________ .00

                                                          12345678901234 14. ADD Lines 12 and 13 ................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.  ___________________________                       .00

NET ADJUSTMENTS TO VERMONT TAX
 15.  SUBTRACT Line 14 from Line 7.  Enter on Form IN-111, Vermont Income Tax Return,  
                                                          12345678901234Line 9.  This can be a negative number. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.  ___________________________.00

                                                                                                                                                                    Schedule IN-119
                                                                                                                                                                    Page 1 of 2
                 5454                                                                                                                                               Rev. 10/23

                          Taxpayer’s Last Name                     Social Security Number
        1234567890123(17)    123456789
                                                                                                                            *231191200*
                                                                                                                            *231191200*
                                                                                                                                                                                                                                                                           Page 6
                                                                                                                                      INCLUDE WITH FORM IN-111
PART II  VERMONT INCOME TAX CREDITS
                                                              2023 Contribution 
  1.  Vermont Higher Education                                eligible for credit                                                                                                Credit
      Investment (32 V.S.A § 5825a) 
                       See instructions ................... ________________123456789                              .00 TIMES (X)   .10       =                                ________________123456789                                                 .00

For credits earned through an S-Corporation, LLC, or Partnership, enter name and FEIN of the entity
                                               Name of Entity                                                                                                             FEIN
  123456789012345678901234567890123456             123456789
If credits from more than one business entity, fill out a separate IN-119 for each entity.
                                                              Column A                        PLUS                        Column B                         EQUALS                Column C
                                                              Earned in 2023                    (+)                     Carryforward                            (=)
  2.  Charitable Housing  
                       (32 V.S.A. § 5830c) ............ 2A. 123456789          _______________.00          2B. 123456789          _______________.00                       2C. 123456789_______________.00
  3.  Qualified Sale of Mobile Home Park 
                       (32 V.S.A. § 5828) ............. 3A. 123456789          _______________.00          3B. 123456789          _______________.00                       3C. 123456789_______________.00                                                                 FORM  (Place atLAST page)
  4.  Research & Development                                                                                                                                                                                                                                               Form pages 
                       (32 V.S.A. § 5930ii) ............ 4A. 123456789          _______________.00         4B. 123456789          _______________.00                       4C. 123456789_______________.00
Prior approval required from Vermont Housing Finance Agency for Line 5
  5.  Affordable Housing  
                       (32 V.S.A § 5930u) ............. 5A. 123456789          _______________.00          5B. 123456789          _______________.00                       5C. 123456789_______________.00
  6.  Historic Rehabilitation                                                                                                                                                                                                                                              5 - 6
                       (32 V.S.A. § 5930cc(a))  ......... 6A. 123456789          _______________.00        6B. 123456789          _______________.00                       6C. 123456789_______________.00
  7.  Facade Improvement 
                       (32 V.S.A. § 5930cc(b)) ......... 7A. 123456789          _______________.00         7B. 123456789          _______________.00                       7C. 123456789_______________.00
  8.  Code Improvements 
                       (32 V.S.A. § 5930cc(c)) ......... 8A. 123456789          _______________.00         8B. 123456789          _______________.00                       8C. 123456789_______________.00

                                                                 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

Tax Credit Calculation Worksheet
                                                               123456789 10. Vermont Entrepreneur’s Seed Capital Fund (32 V.S.A. § 5830b)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10.  _______________.00

                                                               123456789 11. Enter adjusted Vermont income tax amount from Form IN-111, Line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11.  _______________.00

                                                               123456789 12. Enter credit for income tax paid to another state or Canadian province from Form IN-111, Line 17   . . . . . . . . . . . . . .12.  _______________.00

                                                               123456789 13. SUBTRACT Line 12 from Line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13.  _______________.00

                                                               123456789 14. Enter the lesser of Line 9 or Line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14.  _______________.00

                                                               123456789 15.  SUBTRACT Line 14 from Line 13. The result cannot be less than zero  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15.  _______________.00

                                                               123456789 16.  MULTIPLY Line 15 by 50% (0.50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16.  _______________.00

                                                               123456789 17.  Enter the lesser of Line 10 or Line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17.  _______________.00

                                                               123456789 18. Total Credits Allowable. ADD Lines 14 and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18.  _______________.00
 19.  Total Income Tax Credits Available.  Enter the lesser of Line 13 or Line 18. 
                                                               123456789Enter this amount on Form IN-111, Line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19.  _______________.00

                                                                                                                                                                         Schedule IN-119
                                                                                                                                                                                 Page 2 of 2
                5454                                                                                                                                                             Rev. 10/23