Screen VTCr - Vermont Tax Credits (1120)

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Credits

Use this section to enter Vermont credits. The credit information is used to complete Form BA-404. The applied credit amounts are used to complete CO-411, Page 2, for C Corporations or Schedule K-1VT and Form BA-406 for S Corporations. For shareholders indicated as composite filers in Shareholder Information, the application also completes Form BI-471, Page 2.
note
Tax credits may not reduce tax liability to less than 80 percent of total Vermont tax or minimum entity tax, whichever is greater on Forms CO-411 and BI-471.
Credit Amount Carried Forward
Enter the amount of credit carried forward from prior years which is available to be utilized in the current year. For S corporation, carryover of credits is applicable only to the composite return, therefore, enter only the amount of carryforward credit which is applicable to the composite return.
Amount Earned Current Year
Enter the amount of each credit which was earned by the corporation in the current tax year.
Amount Applied Current Year
Enter the amount of credit being applied to the corporate income tax in the current year. For S corporations, all credits are passed through to shareholders, except those which are applicable to composite filers joining in a composite return, therefore, if the corporation’s nonresident shareholders are joining in a composite return, enter only that portion of credits which will be utilized in the current year on the composite return.
Expired This Year
Enter the amount of each credit not fully utilized which will be expiring in the current year. The application uses this information in determining the amount of carryforward credit available for proforma to the subsequent year.

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