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

PART I   ADJUSTMENTS TO VERMONT INCOME TAX

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

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

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

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

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

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

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

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

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

 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,  
     Line 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

                                                                                                                       *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 ................... ________________ .00                                                 TIMES (X)   .10       =                                      ________________ .00

For credits earned through an S-Corporation, LLC, or Partnership, enter name and FEIN of the entity
                                         Name of Entity                                                                                                              FEIN

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.  _______________ .00                                         2B.  _______________ .00                                        2C.  _______________ .00
  3. Qualified Sale of Mobile Home Park 
     (32 V.S.A. § 5828) ............. 3A.  _______________ .00                                         3B.  _______________ .00                                        3C.  _______________ .00     FORM  (Place at LAST page)
  4.  Research & Development                                                                                                                                                                        Form pages 
     (32 V.S.A. § 5930ii) ............ 4A.  _______________ .00                                        4B.  _______________ .00                                        4C.  _______________ .00
Prior approval required from Vermont Housing Finance Agency for Line 5
  5. Affordable Housing  
     (32 V.S.A § 5930u) ............. 5A.  _______________ .00                                         5B.  _______________ .00                                        5C.  _______________ .00
  6. Historic Rehabilitation                                                                                                                                                                        5 - 6
     (32 V.S.A. § 5930cc(a))  ......... 6A.  _______________ .00                                       6B.  _______________ .00                                        6C.  _______________ .00
  7. Facade Improvement 
     (32 V.S.A. § 5930cc(b)) ......... 7A.  _______________ .00                                        7B.  _______________ .00                                        7C.  _______________ .00
  8. Code Improvements 
     (32 V.S.A. § 5930cc(c)) ......... 8A.  _______________ .00                                        8B.  _______________ .00                                        8C.  _______________ .00

  9. 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
 10. Vermont Entrepreneur’s Seed Capital Fund (32 V.S.A. § 5830b)   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10.  _______________ .00

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

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

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

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

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

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

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

 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. 
     Enter this amount on Form IN-111, Line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19.  _______________ .00

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

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