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Connecticut Film Production Infrastructure Tax Credit
Extracted from PDF file 2023-connecticut-form-ct-1120-fpi.pdf, last modified November 2023Film Production Infrastructure Tax Credit
DRAFT 11-15-2023 2023 Department of Revenue Services State of Connecticut (Rev. 12/23) Form CT-1120 FPI Film Production Infrastructure Tax Credit For Income Year Beginning:____________________, 2023 and Ending:____________________ ,________ . Name of eligible taxpayer Connecticut Tax Registration Number General Information Complete this form in blue or black ink only. Do not use staples. Please note that each form is year specific. The correct year’s form must be used. Use Form CT‑1120 FPI to claim the business tax credit available under Conn. Gen. Stat. § 12-217kk for an investment in a state-certified entertainment infrastructure project. The Film Production Infrastructure tax credit is administered by the Connecticut Department of Economic and Community Development (DECD) and may not be claimed until DECD issues a tax credit voucher which lists the amount of the available tax credit. The Film Production Infrastructure tax credit may be applied against the taxes imposed under Chapter 207 (Insurance Companies and Health Care Center Taxes) and Chapter 208 (Corporation Business Tax) of the Connecticut General Statutes. This tax credit may be assigned in whole or in part no more than three times. Credit Percentage This credit is equal to 20% of a taxpayer’s investment as long as the taxpayer’s investment is at least $3 million. Claim Period All or any part of the tax credit may be claimed in the year the state‑certified project expenses or costs were incurred or in any of the three succeeding years after the expenses or costs were incurred. Additional Information See the Guide to Connecticut Business Tax Credits available on the Department of Revenue Services (DRS) website at portal.ct.gov/DRS. Schedule A (attach a copy of Schedule A for each tax credit voucher) 1. DECD Tax Credit Voucher Number 1. 2. Year in which eligible expenditures were incurred 2. Amount of qualified Film Production Infrastructure tax credit as 3. listed on the tax credit voucher issued by DECD. 3. Tax credit is being claimed by: An eligible production company An assignee 4. If credit is being claimed by an assignee, enter the name and Connecticut Tax Registration Number (if available) of the assignor below. Attach explanation. Investor/Assignor’s Name Investor/Assignor’s Connecticut Tax Registration Number Initial investor Second assignor Third assignor Visit us at portal.ct.gov/DRS for more information. DRAFT 11-15-2023 Credit Computation A Total Credit Earned B Credit Applied 2020 Through 2022 1. 2020 Film Production Infrastructure tax credit 2. 2021 Film Production Infrastructure tax credit 3. 2022 Film Production Infrastructure tax credit 4. 2023 Film Production Infrastructure tax credit 5. Total Film Production Infrastructure tax credit applied to 2023: Add Lines 1 through 4, Column D. C Credit Available in 2023 Subtract Column B from Column A. D Credit Applied to 2023 E Credit Available in 2024 Total Film Production Infrastructure tax credit available in 2024: 6. Add Lines 2 through 4, Column E. Instructions for Credit Computation Line 1, Column A - Enter the total amount of qualified Film Production Infrastructure tax credit as listed on the tax credit voucher(s) issued by DECD for eligible expenditures in 2020. Line 2, Column A - Enter the total amount of qualified Film Production Infrastructure tax credit as listed on the tax credit voucher(s) issued by DECD for eligible expenditures in 2021. Line 3, Column A - Enter the total amount of qualified Film Production Infrastructure tax credit as listed on the tax credit voucher(s) issued by DECD for eligible expenditures in 2022. Line 4, Column A - Enter the total amount of qualified Film Production Infrastructure tax credit as listed on the tax credit voucher(s) issued by DECD for eligible expenditures in 2023. Lines 1 through 4, Columns B through D - Enter the amount for each corresponding year. Line 2 and Line 3, Column E - Subtract Column D from Column C. Line 4, Column E - Subtract Column D from Column A. Members included in 2023 Form CT-1120CU, Combined Unitary Corporation Business Tax Return: Include in Column D credits shared to and used by another member of the combined group. Form CT-1120 FPI Back (Rev. 12/23) Visit us at portal.ct.gov/DRS for more information.
Form CT-1120 FPI
More about the Connecticut Form CT-1120 FPI Corporate Income Tax Tax Credit TY 2023
We last updated the Film Production Infrastructure Tax Credit in February 2024, so this is the latest version of Form CT-1120 FPI, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120 FPI directly from TaxFormFinder. You can print other Connecticut tax forms here.
Related Connecticut Corporate Income Tax Forms:
TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Connecticut Form CT-1120 FPI.
| Form Code | Form Name |
|---|---|
| Form CT-1120 A-LP | Corporation Business Tax Return Apportionment of Limited Partnership Interests |
| Form CT-1120 Instructions | Connecticut Corporation Business Tax Instructions |
| Form CT-1120 EXT | Application for Extension of Time to File Connecticut Corporation Tax Return |
| Form CT-1120X | Amended Corporation Business Tax Return |
| Form CT-1120 | Corporation Business Tax Return |
| Form CT-1120 MEC | Machinery and Equipment Expenditure Credit |
| Form CT-1120 CC | Authorization and Consent to be Included in a Combined Return |
| Form CT-1120 EDPC | Electronic Data Processing Equipment Property Tax Credit |
| Form CT-1120 ES | Estimated Corporation Business Tax Payment Coupons |
| Form CT-1120 FCIC | Fixed Capital Investment Credit |
View all 86 Connecticut Income Tax Forms
Form Sources:
Connecticut usually releases forms for the current tax year between January and April. We last updated Connecticut Form CT-1120 FPI from the Department of Revenue Services in February 2024.
Form CT-1120 FPI is a Connecticut Corporate 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 Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Connecticut Form CT-1120 FPI
We have a total of twelve past-year versions of Form CT-1120 FPI in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form CT-1120 FPI
CT-1120 FPI, 2016 Film Production Infrastructure Tax Credit
2015 Form CT-1120 FPI
CT-1120 FPI, 2015 Film Production Infrastructure Tax Credit
2014 Form CT-1120 FPI
CT-1120 FPI, Film Production Infrastructure Tax Credit
2013 Form CT-1120 FPI
CT-1120 FPI, 2013 Film Production Infrastructure Tax Credit
2012 Form CT-1120 FPI
CT-1120 FPI, Film Production Infrastructure Tax Credit
2011 Form CT-1120 FPI
CT-1120 FPI, Film Production Infrastructure Tax Credit
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