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Vermont VT Economic Incentive Income Tax Credits
Extracted from PDF file 2023-vermont-schedule-in-119.pdf, last modified July 2022VT Economic Incentive Income Tax Credits
Vermont Department of Taxes *231191100* 2023 Schedule IN-119 * 2 3 1 1 9 1 1 0 0 * Vermont Tax Adjustments and Nonrefundable Credits Taxpayer’s Last Name PART I INCLUDE WITH FORM IN-111 Please PRINT in BLUE or BLACK INK First Name MI Taxpayer’s Social Security Number 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 5. MULTIPLY Line 4 by 24% (0.24) . . . . . . . . . . . . . . . . . . . . . . . 5. _____________________________ .00 6. Recapture of Vermont Credits (See instructions). . . . . . . . . . . . . . 6. _____________________________ .00 7. ADD Lines 5 and 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. ____________________________.00 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 5454 Schedule IN-119 Page 1 of 2 Rev. 10/23 Taxpayer’s Last Name Social Security Number *231191200* * 2 3 1 1 9 1 2 0 0 * INCLUDE WITH FORM IN-111 PART II VERMONT INCOME TAX CREDITS 2023 Contribution Credit 1. Vermont Higher Education eligible for credit Investment (32 V.S.A § 5825a) TIMES (X) .10 = See instructions. . . . . . . . . . . . . . . . . . . . ________________ .00 ________________ .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 Earned in 2023 PLUS (+) Column B Carryforward EQUALS (=) Column C 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 4. Research & Development (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 (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 Rev. 10/23 5454 Clear ALL fields Save and go to Important Printing Instructions Save and Print
Schedule IN-119
More about the Vermont Schedule IN-119 Individual Income Tax Tax Credit TY 2023
We last updated the VT Economic Incentive Income Tax Credits in February 2024, so this is the latest version of Schedule IN-119, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule IN-119 directly from TaxFormFinder. You can print other Vermont tax forms here.
Related Vermont Individual Income Tax Forms:
TaxFormFinder has an additional 51 Vermont income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Vermont Schedule IN-119.
| Form Code | Form Name |
|---|---|
| Schedule IN-153 | Capital Gain Exclusion Calculation |
| Schedule IN-113 | Income Adjustment Calculations |
| Schedule IN-112 | VT Tax Adjustments and Credits |
| Schedule IN-155 | Federal Itemized Deductions Addback (OBSOLETE) |
View all 52 Vermont Income Tax Forms
Form Sources:
Vermont usually releases forms for the current tax year between January and April. We last updated Vermont Schedule IN-119 from the Department of Taxes in February 2024.
Schedule IN-119 is a Vermont Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Vermont Schedule IN-119
We have a total of twelve past-year versions of Schedule IN-119 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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