Connecticut Insurance Reinvestment Fund Credit

Insurance Reinvestment Fund Credit
Form CT-IRF
Department of Revenue Services
State of Connecticut
(Rev. 12/23)

2023

Form CT-IRF

Insurance Reinvestment Fund Tax Credit

For Income Year Beginning: ___________________________ , 2023 and Ending: ___________________________ , __________ .
Connecticut Tax Registration Number or Social Security Number (SSN)

Name of eligible taxpayer

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‑IRF to claim the tax credit available for investments
made through a fund manager in an insurance business as provided
in Conn. Gen. Stat. § 38a‑88a(b). This form must be used to claim the
tax credit against the taxes imposed under Chapter 207 (Insurance
Premiums Tax; Health Care Centers Tax), Chapter 208 (Corporation
Business Tax), Chapter 229 (Income Tax), or Section 38a‑743
(Surplus Lines Brokers Tax) of the Connecticut General Statutes.
Two Insurance Reinvestment Fund Tax Credits are authorized under
Conn. Gen. Stat. § 38a‑88a. The original Insurance Reinvestment
Fund Tax Credit available under Conn. Gen. Stat. § 38a‑88a(b),
is claimed by completing Form CT‑IRF. The Second Insurance
Reinvestment Fund Tax Credit available under Conn. Gen. Stat.
§ 38a‑88a(c), is claimed by completing Form CT‑SIRF, Second
Insurance Reinvestment Fund Tax Credit.
General Information
This tax credit may only be claimed by taxpayers who have invested
in an insurance business through a fund that meets all of the
requirements set forth in Conn. Gen. Stat. § 38a‑88a.
Any tax credit not used in the income year for which it is allowed
may be carried forward for five succeeding income years until the
full credit has been applied.
Any taxpayer allowed a credit may assign such credit to another
person, as defined in Conn. Gen. Stat. § 12‑1, provided such person
may claim the credit only with respect to a calendar year for which
the assigning taxpayer would have been eligible to claim the credit.
Applying Credit to the Individual Income Tax
Taxpayers applying the Insurance Reinvestment Fund tax credit to
the Connecticut income tax will find instructions on how to claim the
credit on the following tax returns:
•	 Form CT‑1040, Connecticut Resident Income Tax Return - see
Schedule CT‑IT Credit, Income Tax Credit Summary.

•	 Form CT‑1040NR/PY, Connecticut Nonresident and Part-Year
Resident Income Tax Return - see Schedule CT‑IT Credit,
Income Tax Credit Summary.
•	 Form CT‑1041, Connecticut Income Tax Return for Trusts and
Estates - see Form CT‑1041 instructions.
•	 Form CT‑1065/CT-1120SI, Connecticut Pass‑Through Entity Tax
Return - see Form CT‑1065/CT-1120SI instructions.
Applying Credit to Business Taxes
Taxpayers applying the Insurance Reinvestment Fund tax credit
to any business tax under Chapter 207 (Insurance Premiums Tax;
Health Care Centers Tax), Chapter 208 (Corporation Business Tax)
must attach this form to Form CT‑1120K, Business Tax Credit
Summary and/or Form CT‑207K, Insurance/Health Care Tax Credit
Schedule.
Available Credit
The available tax credit is equal to the following percentages of
the taxpayer investments through a fund that meets all of the
requirements provided in Conn. Gen. Stat. § 38a‑88a:
•	 Income year in which the investment was made and the two
succeeding income years, 0%;
•	 Third full income year following the year in which the investment
in the insurance business was made and the three succeeding
income years, 10%; and
•	 Seventh full income year following the year in which the
investment in the insurance business was made and the two
succeeding income years, 20%.
Additional Information
See the Guide to Connecticut Business Tax Credits available
on the Department of Revenue Services (DRS) website at
portal.ct.gov/DRS.

Part I - Credit Computation
1.	 Name of insurance fund in which the investment was made: ______________________________________________________
2.	 Available credit is being claimed by: 	 An investor
	

 An assignee	

If credit is being claimed by an assignee, enter the name and Connecticut Taxpayer Identification Number (if available) of the
assignor below.

	
___________________________________________________ 	
		
Assignor’s name	
3. 	 Credit is being applied against:	
	

4.
5.
6.

	

_____________________________________________
Assignor’s Connecticut Tax Registration Number or SSN

	
Chapter 207 (Insurance Premiums Tax; Health Care Centers Tax)		

Chapter 208	
Chapter 229	
Conn. Gen. Stat. § 38a-743
	
	
	
(Income Tax)		
(Surplus Lines Brokers Tax)
	 (Corporation Business Tax)		

Tax credit: Enter total amount of Insurance Reinvestment Fund Tax Credit
applied to the 2023 income year.
Amount of Line 4 utilized against the tax imposed under Section 38a-743
(Surplus Lines Brokers Tax) of the Connecticut General Statutes.
Amount of Line 4 utilized against the taxes imposed under Chapter 207 (Insurance Premiums Tax;
Health Care Centers Tax), Chapter 208 (Corporation Business Tax) and Chapter 229 (Income Tax)
of the Connecticut General Statutes.

Visit us at portal.ct.gov/DRS for more information.

4.
5.
6.

Part II - Computation of Carryforward - Credit may be carried forward to five succeeding income years. See instructions below.

A

Total
Credit
Earned

B

Credit
Applied
2018 Through 2019

C

Carryforward to 2023
Subtract Column B
from Column A.

D

Credit
Applied
to 2023

2018 Insurance
Reinvestment Fund tax
1.
credit from 2018 Form
CT-IRF, Part I, Line 4
2.

2019 Insurance
Reinvestment Fund tax
credit from 2019 Form
CT-IRF, Part I, Line 4

3.

Total Insurance Reinvestment Fund tax credit applied to 2023:
Add Lines 1 through 2, Column D.

Computation of Carryforward Instructions:
Lines 1 through 2, Columns A through D - Enter the amount for each corresponding year.
Line 2, Column E - Subtract Column D from Column C.
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-IRF Back (Rev. 12/23)

Visit us at portal.ct.gov/DRS for more information.

E

Carryforward
to
2024