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Connecticut Business Tax Credit Summary
Extracted from PDF file 2023-connecticut-form-ct-1120k.pdf, last modified December 2023Business Tax Credit Summary
2023 Form CT‑1120K Department of Revenue Services State of Connecticut (Rev. 12/23) 1120K 1223W 01 9999 Business Tax Credit Summary Form CT‑1120CU Filers ONLY: Corporation name Connecticut Tax Registration Number Member # Part I - Tax Credits From 2023 Income Year Part I‑A Tax Credits With Carryback Provisions A Credit Amount Claimed B C Shared Credit From Unitary Affiliates Amount Applied to Corporation Business Tax (Form CT‑1120CU filers ONLY) 1. Neighborhood Assistance D E Shared Credit to Unitary Affiliates F Amount Applied to Other Taxes Carryback Amount (Form CT‑1120CU filers ONLY) 2. Housing Program Contribution 3. Total Part I‑A: Add Line 1 and Line 2 in Columns A through F. Part I‑B Tax Credits Without Carryback or Carryforward Provisions 4. Apprenticeship Training - Form CT‑1120AT 5. Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/ Enterprise Zone - Form CT‑1120 TIC/EZ A Credit Amount Claimed B C Shared Credit From Unitary Affiliates Amount Applied to Corporation Business Tax (Form CT‑1120CU filers ONLY) D E Shared Credit to Unitary Affiliates F Amount Applied to Other Taxes Amount Refunded (Form CT‑1120CU filers ONLY) 6. Machinery and Equipment - Form CT‑1120 MEC 7. Service Facility - Form CT‑1120SF 8. Student Loan Payment - Form CT‑SLP 9. Film Production - Form CT‑1120FP 10. Digital Animation - Form CT‑1120DA 11. Film Production Infrastructure - Form CT‑1120 FPI 12. Total Part I‑B: Add Lines 4 through 11 in Columns A through F. Visit us at portal.ct.gov/DRS for more information. Form CT-1120K (Rev. 12/23) Page 2 of 4 1120K 1223W 02 9999 Part I‑C Tax Credits With Carryforward Provisions 13. Housing Program Contribution Form CT‑1120 HPC 14. Research and Experimental Expenditures Form CT‑1120RC: Enter amount exchanged in Col. G. 15. Research and Development Form CT‑1120 RDC: Enter amount exchanged in Column G. Connecticut Tax Registration Number A Carryforward Amount From Previous Income Years B 2023 Credit Amount Claimed C Shared Credit From Unitary Affiliates (Form CT‑1120CU filers ONLY) D Amount Applied to Corporation Business Tax E G F Shared Credit to Unitary Affiliates (Form CT‑1120CU filers ONLY) H Amount Applied to Other Taxes or Exchanged Excess Credit Utilization Carryforward Amount to 2024 16. Fixed Capital Investment Form CT‑1120 FCIC 17. Human Capital Investment Form CT‑1120 HCIC 18. Insurance Reinvestment Fund Form CT‑IRF 20. Historic Homes Rehabilitation Form CT‑1120HH 21. Donation of Land - Form CT‑1120DL 22. Historic Structures Rehabilitation Form CT‑1120HS 23. Historic Preservation - Form CT‑1120HP 24. Urban and Industrial Site Reinvestment Form CT‑UISR 25. Green Buildings - Form CT‑1120GB 26. Historic Rehabilitation - Form CT‑1120HR 19. Reserved for future use 27. Total Part I‑C: Add Lines 13 through 26 in Columns A through H. Do not include amounts on Line 14 and Line 15 in Column G total on Line 27. Visit us at portal.ct.gov/DRS for more information. Form CT-1120K (Rev. 12/23) Page 3 of 4 1120K 1223W 03 9999 Part I‑D Electronic Data Processing Equipment Property Tax Credit Connecticut Tax Registration Number A Carryforward Amount From Previous Income Years B 2023 Credit Amount Claimed C D Shared Credit From Unitary Affiliates E Amount Applied to Corporation Business Tax G Amount Applied to Other Taxes Carryforward Amount to 2024 (Form CT‑1120CU filers ONLY) (Form CT‑1120CU filers ONLY) 28. Electronic Data Processing Equipment Property - Form CT-1120 EDPC F Shared Credit to Unitary Affiliates Part II - Tax Credits Applied to the Corporation Business Tax 1. Tax Credit Limitation: Enter amount from Form CT‑1120, Schedule C, Line 4 or the appropriate column from Form CT‑1120CU, Part II, Line 2. 1. 2. Tax Credits With Carryback Provisions: Enter amount from Part I‑A, Line 3, Column C. Do not exceed amount on Line 1. 2. 3. Creditable corporation business tax balance: Subtract Line 2 from Line 1. 3. 4. Tax Credits Without Carryback or Carryforward Provisions: Enter amount from Part I‑B, Line 12, Column C. Do not exceed amount on Line 3. 4. 5. Creditable corporation business tax balance: Subtract Line 4 from Line 3. 5. 6. Tax Credits With Carryforward Provisions: Enter amount from Part I‑C, Line 27, Column D. Tax credit carryforwards that expire first should be claimed before other tax credit carryforwards that either expire later or do not expire. Do not exceed amount on Line 5. 6. 7. Creditable corporation business tax balance: Subtract Line 6 from Line 5. 7. 8. Electronic Data Processing Equipment Property Tax Credit: Enter amount from Part I‑D, Line 28, Column D. Tax credit carryforwards that expire first should be claimed before other tax credit carryforwards that either expire later or do not expire. Do not exceed amount on Line 7. 8. 9. Tax credits applied: Add Part II, Lines 2, 4, 6 and 8. Enter here and on Form CT‑1120, Schedule C, Line 5a. Combined unitary filers, enter this amount in the 9. appropriate column on Form CT‑1120CU, Part II, Line 3. 10. Balance: Subtract Line 9 from Line 1. 10. 11. Excess credit limitation: Form CT-1120 filers, enter the lesser of Form CT-1120, Schedule C, Line 1 multiplied by 19.99% (.1999) or Form CT-1120, Schedule C, Line 3 minus $250. Combined unitary filers, enter the amount from the appropriate column on Form CT-1120CU, Part II, Line 5. 11. 12. Excess credit utilization for claimants of Research and Development and Research and Experimental Expenditures tax credits: Enter the amount from Part I-C, Line 27, Column F. Do not exceed the amount on Line 11. Form CT-1120 filers, enter this amount on Form CT-1120, Schedule C, Line 5b. Combined unitary filers, enter this amount in the appropriate column on Form CT-1120CU, Part II, Line 6. Visit us at portal.ct.gov/DRS for more information. 12. Form CT-1120K (Rev. 12/23) Page 4 of 4 1120K 1223W 04 9999 Connecticut Tax Registration Number Part III - Tax Credits Applied to Taxes Other Than the Corporation Business Tax Name of tax: Duplicate Part III as necessary. 1. Tax: Enter the creditable tax amount from the appropriate tax form. Taxpayers filing Form CT‑207, Form CT‑207F, or Form CT‑207 HCC must complete Form CT‑207K to claim tax credits. 1. 2. Tax Credits With Carryback Provisions: Enter amount from Part I‑A, Line 3, Column E. Do not exceed amount on Line 1. 2. 3. Tax balance: Subtract Line 2 from Line 1. 3. 4. Tax Credits Without Carryback or Carryforward Provisions: Enter amount from Part I‑B, Line 12, Column E. Do not exceed the amount on Line 3. 4. 5. Tax balance: Subtract Line 4 from Line 3. 5. 6. Tax Credits With Carryforward Provisions: Enter amount from Part I‑C, Line 27, Column G. Do not exceed amount on Line 5. 6. 7. Tax balance: Subtract Line 6 from Line 5. 7. 8. Electronic Data Processing Equipment Property Tax Credit: Enter amount from Part I‑D, Line 28, Column F. Do not exceed amount on Line 7. 8. 9. Total Tax Credits Applied to Taxes Other Than the Corporation Business Tax: Add Part III, Lines 2, 4, 6, and 8. Enter here and on the appropriate tax return. Do not exceed amount on Line 1. Visit us at portal.ct.gov/DRS for more information. 9. Form CT-1120K Instructions Filing Electronically File Form CT-1120K electronically when filing Form CT‑1120, Corporation Business Tax Return, using myconneCT. DRS myconneCT allows taxpayers to electronically file, pay and manage state tax responsibilities. Filing by Mail If you file by mail, complete this form in blue or black ink only. Do not use staples. Please note that each form is year specific. To prevent any delay in processing your return, the correct year’s form must be submitted to the Department of Revenue Services (DRS). Form CT‑1120K, Business Tax Credit Summary, must be attached to Form CT‑1120, Corporation Business Tax Return, or the applicable tax form whenever tax credits from the current income year are being claimed or carryforward tax credit balances exist from a prior year. Each member included in Form CT‑1120CU, Combined Unitary Corporation Business Tax Return, claiming, applying, or sharing a tax credit must file a separate Form CT‑1120K. Taxpayers subject to the domestic and foreign insurance premiums tax and the health care centers tax must complete Form CT‑207K, Insurance / Health Care Tax Credit Schedule, and attach it to Form CT‑207, Insurance Premiums Tax Return Domestic Companies; Form CT‑207F, Insurance Premiums Tax Return Nonresident and Foreign Companies; or Form CT‑207 HCC, Health Care Center Tax Return. Taxpayers subject to the personal income tax must complete Schedule CT‑IT Credit, Income Tax Credit Summary, and attach it to Form CT‑1040, Connecticut Resident Income Tax Return; Form CT‑1040NR/PY, Connecticut Nonresident and Part‑Year Resident Income Tax Return; Form CT‑1040X, Amended Connecticut Income Tax Return for Individuals; or Form CT‑1041, Connecticut Income Tax Return for Trusts and Estates. Additional information about Connecticut tax credits is available in our online Guide to Connecticut Business Tax Credits available on the DRS website at portal.ct.gov/DRS. Corporation Business Tax credits must be applied in a specific order, where a corporation is eligible to claim more than one tax credit. In no event, however, shall any tax credit be claimed more than once. The order is as follows: 1. Any tax credit that may be carried back to a preceding income year must be applied before any other tax credit. Form CT-1120K Instructions (Rev. 12/23) Any tax credit carryback that will expire first must be claimed before any tax credit carryback that will expire later. If the tax credit carrybacks will expire at the same time, tax credits must be taken in the order in which the corporation may receive the maximum benefit. 2. Any tax credit that may not be carried back to a preceding income year and that may not be carried forward to a succeeding income year must be claimed next, in the order in which the corporation may receive the maximum benefit. 3. Any tax credit that may be carried forward to a succeeding income year must be claimed next. Any tax credit carryforward that will expire first must be claimed before any tax credit carryforward that will expire later. If the tax credit carryforwards will expire at the same time, tax credits must be taken in the order in which the corporation may receive the maximum benefit. 4. The Electronic Data Processing Equipment Property tax credit must be applied last, after all other tax credits have been applied. Limits on Credits: The amount of tax credits otherwise allowable against the Corporation Business Tax for any income year shall not exceed 50.01% of the amount of tax due prior to the application of the tax credit. Research and Development and Research and Experimental Expenditures tax credits that remain after the application of the 50.01% limitation may be further used, provided that the total of all tax credits used shall not exceed 70% of the tax liability. This additional credit usage is reported on the appropriate line in the Excess Credit Utilization column in Part I-C, Column F. No tax credit can be applied against the minimum tax of $250. Form CT‑1120K must be attached to the tax returns covered under the following Connecticut General Statutes chapters, when tax credits from the current income year are being claimed or when carryforward tax credit balances exist from the prior year: • • • • • Corporation business tax under Chapter 208; Unrelated business income tax under Chapter 208a; Air carrier tax under Chapter 209; Railroad companies tax under Chapter 210; Community antenna television system companies tax under Chapter 211; • Utility companies tax under Chapter 212; • Public service companies tax under Chapter 212a; and • Petroleum products gross earnings tax under Chapter 227. If the taxpayer is claiming a tax credit against more than one tax type, a separate Form CT‑1120K and applicable tax credit forms must be attached to each tax return for which a tax credit is being claimed. Any tax credit balance that remains after applying the tax credits to the current year tax may be carried forward or carried back as provided in the Connecticut General Statutes, if the tax credit has not expired. Combined Unitary Filers (Form CT‑1120CU) Each taxable member included in Form CT‑1120CU is individually subject to tax credit usage limitations and the ordering rules explained previously. The separate member tax credits are then aggregated and applied against the combined group’s tax liability. Credits may be deducted from each taxable member’s portion of the combined group’s tax as follows: • Credits earned in a current year by a taxable member of the combined group may be utilized by any member in the group. • Unused credits earned by a combined group member in a prior year in which a combined unitary tax return was filed may be utilized by the member that earned the credit or by any member that was included in the combined group in the year the tax credit was earned (regardless of whether or not a member was a taxable member or nontaxable member in such prior year). • Unused credits earned by a taxable member in a prior year in which the taxable member filed a separate Corporation Business Tax Return may be utilized only by the member that earned the credit. • Unused credits earned by a combined group member in a year that it was included in a group that filed Form CT‑1120CR, Combined Corporation Business Tax Return, or a Form CT‑1120U, Combined Unitary Corporation Business Tax Return, may be used by the member that earned the credit or by any other combined group member that was included in the Form CT‑1120CR or CT‑1120U in the year the credit was earned. Part I‑A – Tax Credits With Carryback Provisions Enter in Column A all of the tax credits earned in 2023 that have a carryback provision. The tax credits indicated here are applied to the current year tax first. Any remaining balance may be claimed against a preceding year tax by filing Form CT‑1120X, Amended Corporation Business Tax Page 1 of 2 Return, or the appropriate amended tax return. If carrying forward a Housing Program Contribution tax credit, also complete Part I‑C. Enter in Column B shared credits to be applied in the current year received from a unitary affiliate within the sharing rules previously explained. Column B applies only to members filing as part of a combined unitary return. Enter in Column C the amount actually applied to the Corporation Business Tax. The total of Column C cannot exceed the amount in Part II, Line 1. Enter in Column D credits shared to a unitary affiliate within the sharing rules previously explained. Column D applies only to members filing as part of a combined unitary return. Enter in Column E the amount applied to taxes other than the Corporation Business Tax. The total of Column E cannot exceed the amount in Part III, Line 1. Enter in Column F the amount of tax credit carried back to prior years. Line 1 - Enter the Neighborhood Assistance Act (NAA) tax credit. Any remaining balance may be carried back to the immediately preceding two income years. Line 2 - Enter the Housing Program Contribution tax credit computed on Form CT‑1120 HPC, Housing Program Contribution Tax Credit. Any remaining balance may be carried back to the five immediately preceding income years. If claiming a tax credit carryforward, also complete Part I‑C, Line 13. See Part I‑C, Line 13, on this page. Part I‑B – Tax Credits Without Carryback or Carryforward Provisions Enter in Column A the credit amounts claimed in the current income year. Enter in Column B shared credits to be applied in the current year received from a unitary affiliate within the sharing rules previously explained. Column B applies only to members filing as part of a combined unitary return. Enter in Column C the credit amounts actually applied to the Corporation Business Tax. The total of Column C cannot exceed the amount in Part II, Line 3. Enter in Column D credits shared to a unitary affiliate within the sharing rules previously explained. Column D applies only to members filing as part of a combined unitary return. Enter in Column E the amount applied to taxes other than the Corporation Business Tax. The total of Column E cannot exceed the amount in Part III, Line 3. Enter in Column F the credit amount refunded. Form CT-1120K Instructions (Rev. 12/23) Part I‑C – Tax Credits With Carryforward Provisions Part I‑C enables a corporation to account for any tax credits with carryforward provisions. This section also identifies any amounts of Research and Development or Research and Experimental Expenditures tax credits exchanged with the state for a credit to be issued in the form of a refund. Enter in Column A the tax credit carryforward amount from previous income years. Enter in Column B the tax credit amount claimed for the current year. Enter in Column C shared credits to be applied in the current year received from a unitary affiliate within the sharing rules previously explained. Column C applies only to members filing as part of a combined unitary return. Enter in Column D the tax credit amount applied to the Corporation Business Tax for the current income year. Enter in Column E credits shared to a unitary affiliate within the sharing rules previously explained. Column E applies only to members filing as part of a combined unitary return. Enter in Column F additional credit amounts being applied for claimants of Research and Development and Research and Experimental Expenditures tax credits. These two credits that remain after the application of the 50.01% limitation may be further used, provided that the total of all tax credits used shall not exceed 70% of the tax liability. Enter in Column G the tax credit amount applied to taxes other than the Corporation Business Tax, if applicable, in the current income year or the amount of Research and Development or Research and Experimental Expenditures tax credits exchanged with the state for a tax credit to be issued in the form of a refund. Enter in Column H the carryforward amount. Line 13 - If claiming the Housing Program Contribution tax credit, Part I‑A, Line 2 must be completed first. Enter the applicable tax credit amounts in the spaces provided. Part I‑D – Electronic Data Processing Equipment Property Tax Credit Enter in Column A the amount of tax credit carried forward from previous income years. Enter in Column B the amount of tax credit claimed in the current income year. Enter in Column C shared credits to be applied in the current year received from a unitary affiliate within the sharing rules previously explained. Column C applies only to members filing as part of a combined unitary return. Enter in Column D the amount being applied to the Corporation Business Tax. The amount in Column D cannot exceed the amount in Part II, Line 7. Enter in Column E credits shared to a unitary affiliate within the rules previously explained. Column E applies only to members filing as part of a combined unitary return. Enter in Column F any amount applied to taxes other than the Corporation Business Tax. Enter in Column G the tax credit carryforward amount. The Electronic Data Processing Equipment Property tax credit may be applied only after all other tax credits have been applied and must be applied first to the Corporation Business Tax and then to any other applicable taxes. Part II – Tax Credits Applied to the Corporation Business Tax This section enables a corporation to apply its tax credits in the order required by Conn. Gen. Stat. § 12-217aa. This section also limits the amount of tax credits that may be applied to the Corporation Business Tax up to the 50.01% limitation. Part III – Tax Credits Applied to Taxes Other Than Corporation Business Tax Part III enables a corporation to account for any tax credits applied to the following other taxes: • Unrelated business income tax under Chapter 208a; • Air carrier tax under Chapter 209; • Railroad companies tax under Chapter 210; • Cable and community antenna television system companies tax under Chapter 211; • Utility companies tax under Chapter 212; • Public service companies tax under Chapter 212a; • Petroleum products gross earnings tax under Chapter 227; and • Surplus lines brokers tax under Chapter 701d. Enter the name of the tax to which the tax credit is being applied. For each tax, attach a duplicate Form CT‑1120K and applicable tax credit forms. If applying tax credits to more than one tax other than Corporation Business Tax, attach supplemental copies of Part III to Form CT‑1120K. Use Form CT‑207K, Insurance/Health Care Tax Credit Schedule, to claim tax credits against the: • Domestic and foreign insurance premiums tax under Chapter 207; • Health care centers tax under Chapter 207; and • Hospital and medical services tax under Chapter 207. Use Schedule CT‑IT Credit, Income Tax Credit Summary, to claim tax credits against the: • Income tax under Chapter 229, not including the tax under Conn. Gen. Stat. § 12‑707. Page 2 of 2
Form CT-1120K
More about the Connecticut Form CT-1120K Corporate Income Tax Tax Credit TY 2023
We last updated the Business Tax Credit Summary in February 2024, so this is the latest version of Form CT-1120K, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120K directly from TaxFormFinder. You can print other Connecticut tax forms here.
Other Connecticut Corporate Income Tax Forms:
TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form CT-NAICS | NAICS Codes for Principal Business Activity for Company |
| Form AU-796 | Reinstatement Guarantee Declaration for Non-Stock Corporations |
| Form AU-797 | Dissolution Guarantee Declaration for Stock Corporations |
| Form AU-798 | Dissolution Guarantee Declaration for Non-stock Corporations |
| Form AU-800a | Withdrawal Guarantee Declaration for Corporations |
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-1120K from the Department of Revenue Services in February 2024.
Form CT-1120K 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-1120K
We have a total of twelve past-year versions of Form CT-1120K in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form CT-1120K
CT-1120K, 2016 Business Tax Credit Summary
2015 Form CT-1120K
CT-1120K , 2015 Business Tax Credit Summary
2014 Form CT-1120K
CT-1120K 20141022.indd
2013 Form CT-1120K
CT-1120K, 2013 Business Tax Credit Summary
2012 Form CT-1120K
Form CT-1120K, 2012 Business Tax Credit Summary
2011 Form CT-1120K
Form CT-1120K, 2011 Business Tax Credit Summary
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