Vermont Pass-Through Entity Tax Election (BI-477, 2025) — PTET form + instructions

# preamble

Vermont Income Adjustment Calculation: Pass-Through Vermont Sourcing Was the pass-through activity conducted entirely within Vermont during the tax year? . . . . .

# PASS-THROUGH PERSONAL INCOME ADJUSTMENT CALCULATION

1A. NON-APPORTIONABLE INCOME CALCULATION PART I. PASS-THROUGH NON-APPORTIONABLE INCOME

Federal Amount V ermont Sourced 1. Net Rental Real Estate Income (loss) . . . . . . . .1A. ___________________ .00 1B. ____________________ .00 2. Other Net Rental Income (loss) . . . . . . . .2A. ___________________ .00 2B. ____________________ .00 3. Guaranteed Payments for Capital . . . . . . . . . . .3A. ___________________ .00 3B. ____________________ .00 4. Guaranteed Payments for Services . . . . . . . . . .4A. ___________________ .00 4B. ____________________ .00 5. Royalties . . . . . . . . . . . .5A. ___________________ .00 5B. ____________________ .00 6. Net Long Term Capital Gain (loss) . . . .6A. ___________________ .00 6B. ____________________ .00 7. Net Short Term Capital Gain (loss) . . . .7A. ___________________ .00 7B. ____________________ .00 8. Net I .R .C . § 1231 Gain (loss) . . . . . . . . . .8A. ___________________ .00 8B. ____________________ .00 9. Recharacterization of Income to/from Part III . . . . . . . . . . . . . .9A. ___________________ .00 9B. ____________________ .00 10. Total Non-Apportionable Income before Vermont Adjustments (ADD Lines 1 through 9) . . .10A. ___________________ .00 10B. ____________________ .00 PART II. VERMONT ADJUSTMENTS TO NON-APPORTIONABLE INCOME

Everywhere Amount For Vermont Sourced Income Above 11. Bonus Depreciation Adjustment (Non-apportionable items) . . . . . . . . . . . . .11A. ___________________ .00 11B. ____________________ .00 12. Other Add-backs and adjustments (Non-apportionable items) . . . . . . . . . . . . .12A. ___________________ .00 12B. ____________________ .00 11 - 14 Entity Name (same as on Form BI-471) Fiscal Year Ending (YYYYMMDD) FEIN *254771100* * 254771100* Include with Form BI-471 NoYes

1B. APPORTIONABLE INCOME CALCULATION PART III. PASS-THROUGH APPORTIONABLE INCOME 13. Vermont Sales and Receipts Factor as a percent of Everywhere (Schedule A, Line 45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. ________ . ___________%

Federal 14. Ordinary Business Income . . . . . . . . . . . .14A. ___________________ .00 14B. ____________________ .00 15. Interest Income . . . . . .15A. ___________________ .00 15B. ____________________ .00 16. Dividend Income . . . .16A. ___________________ .00 16B. ____________________ .00 17. Other Income (Specify) ________ . .17A. ___________________ .00 17B. ____________________ .00 18. I .R .C . § 179 Deduction . . . . . . . . . .18A. ___________________ .00 18B. ____________________ .00 19. Other Deductions (Specify) ________ . .19A. ___________________ .00 19B. ____________________ .00 20. Recharacterization of Income to/from Part I . . . . . . . . . . . . . .20A. ___________________ .00 20B. ____________________ .00 21. Total Apportionable Income (before Vermont Adjustments) (ADD Lines 14 through 20) . . . . . .21A. ___________________ .00 21B. ____________________ .00 PART IV. VERMONT ADJUSTMENTS TO APPORTIONABLE INCOME 22. Bonus Depreciation Adjustment (Apportionable items) .22A. ___________________ .00 22B. ____________________ .00 23. Other Add-backs and Adjustments (Apportionable items) .23A. ___________________ .00 23B. ____________________ .00 PART V. COMPLEX STRUCTURES: DISTRIBUTIVE SHARE OF SEPARATE SOURCE INCOME AND ADJUSTMENTS FROM LOWER-TIER PASS-THROUGHS (NO UNITARY RELATIONSHIP)

Federal 24. Income (loss) from lower-tier partnerships/PTEs (Attach Affiliation Schedule BA-410 and necessary worksheets) . . . . . . . . .24A. ___________________ .00 24B. ____________________ .00 25. Vermont Adjustments from lower-tier partnerships/PTE . . . .25A. ___________________ .00 25B. ____________________ .00 *254771200* * 254771200*

PART VI. INCOME ADJUSTMENT 26. Federal Total (ADD Lines 10A, 21A, and 24A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26. ____________________ .00 27. Total Vermont Adjustments (everywhere) (ADD Lines 11A, 12A, 22A, 23A, and 25A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27. ____________________ .00 28. Federal Adjusted Gross Income Equivalent from federal Form 1120-S or federal Form 1065, Sch . K with Vermont adjustments (ADD Lines 26 and 27) . . . . 28. ____________________ .00 29. Vermont Sourced Total (ADD Lines 10B, 21B, and 24B) . . . . . . . . . . . . . . . . . . . . . 29. ____________________ .00 30. Total Vermont Adjustments (Vermont) (ADD Lines 11B, 12B, 22B, 23B, and 25B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30. ____________________ .00 31. Vermont Income with Vermont Adjustments (ADD Lines 29 and 30) . . . . . . . . . . . . 31. ____________________ .00 32. Income Adjustment % (DIVIDE Line 31 by Line 28. MULTIPLY the result by 100 and carry the result out to the sixth decimal place.) . . . . . . . . . . . . . . . . . 32. ________ . ___________% Also enter on Schedule BI-473, Line 2 .

# SCHEDULE A VERMONT APPORTIONMENT

PART VII. VERMONT SALES AND RECEIPTS FACTOR

Everywhere 33. Sales or gross receipts 33A. ___________________ .00 34. Sales of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34B. ____________________ .00 35. Sales of tangible personal property delivered or shipped to purchasers in Vermont from outside Vermont . . . . . . . . .35B. ____________________ .00 36. Sales of tangible personal property delivered or shipped to purchasers in Vermont from within Vermont . . . . . . . . .36B. ____________________ .00 37. Special Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37B. ____________________ .00 38. Apportionable interest and dividends . . . . . . .38A. ___________________ .00 38B. ____________________ .00 39. Royalties . . . . . . . . . . .39A. ___________________ .00 39B. ____________________ .00 40. Gross rents . . . . . . . . .40A. ___________________ .00 40B. ____________________ .00 41. Other apportionable business income (Attach detailed supporting statement) .41A. ___________________ .00 41B. ____________________ .00 42. Total Gross Receipts for filing entity (ADD Lines 33 through 41) . . . . .42A. ___________________ .00 42B. ____________________ .00 43. Apportionment Factors from Lower-Tier Unitary Activity . . . . .43A. ___________________ .00 43B. ____________________ .00 44. Total Gross Receipts (ADD Lines 42 and 43) . . . .44A. ___________________ .00 44B. ____________________ .00 45. Vermont Gross Receipt factor (DIVIDE Line 44B by Line 44A. MULTIPLY the result by 100 and carry the result out to the sixth decimal place.) . . . . . . . . . 45. ________ . ___________% *254771300* * 254771300* Page 3 of 4, Rev. 10/25

*254771400* * 254771400*

# SCHEDULE B WAGE AND PROPERTY FACTOR REPORTING

PART VIII. SALARY AND WAGES (required for reporting only) Everywhere 46. Total SALARIES AND WAGES . . . . . .46A. ___________________ .00 46B. ____________________ .00 PART IX. PROPERTY FACTOR (average value during year) Everywhere 47. Inventories . . . . . . . . .47A. ___________________ .00 47B. ____________________ .00 48. Buildings and other depreciable assets (original cost) . .48A. ___________________ .00 48B. ____________________ .00 49. Depletable assets (original cost) . . . . . . .49A. ___________________ .00 49B. ____________________ .00 50. Land . . . . . . . . . . . . . .50A. ___________________ .00 50B. ____________________ .00 51. Other assets (Attach schedule) . . . .51A. ___________________ .00 51B. ____________________ .00 52. Rented real and personal property (Multiply annual rent by 8) . . . . . . . . . .52A. ___________________ .00 52B. ____________________ .00 53. Total PROPERTY (ADD Lines 47 through 52) . . . . . . . .53A. ___________________ .00 53B. ____________________ .00 11 - 14