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Connecticut Fixed Capital Investment Credit
Extracted from PDF file 2023-connecticut-form-ct-1120-fcic.pdf, last modified November 2023Fixed Capital Investment Credit
DRAFT 11-15-2023 2023 Department of Revenue Services State of Connecticut (Rev. 12/23) Form CT-1120 FCIC Fixed Capital Investment Tax Credit For Income Year Beginning:________________________ , 2023 and Ending:_________________________ ,__________ . Connecticut Tax Registration Number Corporation name 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 FCIC to claim the credit allowed under Conn. Gen. Stat. § 12‑217w. Required Attachment This form must be accompanied by a detailed schedule that identifies the fixed capital acquired, date of acquisition, cost of the fixed capital, class life, location where the fixed capital is used in Connecticut, and from whom the fixed capital was acquired. Expenditures claimed for this credit cannot be claimed in connection with any other Corporation Business Tax credit. Definitions Fixed capital is defined as tangible personal property that: • Has a class life of more than four years, as described under IRC § 168(e); • Is purchased from a person other than a related person; • Is not acquired to be leased, and is not leased to another person during the 12 months following its acquisition; and • Will be held and used in Connecticut by a corporation in the ordinary course of the corporation’s trade or business in Connecticut for not less than five full years following its acquisition. Fixed capital does not include inventory, land, buildings or structures, or mobile transportation property. Mobile transportation property is any transport equipment designed to move or convey people or property from one place to another, including but not limited to: trucks; buses; forklifts; snowplows; or certain construction equipment such as backhoes, bulldozers, cement mixers, and loaders. Recapture Provision • If the fixed capital on account of which a corporation claimed the credit is not held and used in Connecticut in the ordinary course of the corporation’s trade or business in Connecticut for three full years following its acquisition, the corporation must recapture 100% of the amount of the credit allowed on its Corporation Business Tax return required to be filed for the income year immediately succeeding the income year during which the three-year period expires. • If the fixed capital on account of which a corporation claimed the credit is not held and used in Connecticut in the ordinary course of the corporation’s trade or business in Connecticut for five full years following its acquisition, the corporation must recapture 50% of the amount of the credit allowed on its Corporation Business Tax return required to be filed for the income year immediately succeeding the income year during which the five-year period expires. • The recapture provisions do not apply if the property that is the subject of the tax credit is replaced. 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. Enter fixed capital investment expenditures made during the 2023 income year. Attach detailed schedule. 1. 2. Enter fixed capital expenditures from Line 1 that were applied against any other Corporation Business Tax credit. 2. 3. Subtract Line 2 from Line 1. 4. 3. Tax credit: Multiply Line 3 by 5% (.05). Enter here and on Form CT‑1120K, Part I‑C, Column B. Visit us at portal.ct.gov/DRS for more information. 4. DRAFT 11-15-2023 Part II - Computation of Carryforward - Credit may be carried forward to five succeeding income years. See instructions below. A Total Credit Earned 1. 2018 Form CT‑1120 FCIC, Part I, Line 4 2. 2019 Form CT‑1120 FCIC, Part I, Line 4 B Credit Applied 2018 Through 2022 C Carryforward to 2023 Subtract Column B from Column A. D Credit Applied to 2023 E Carryforward to 2024 2020 Form CT-1120 FCIC, 3. Part I, Line 4 4. 2021 Form CT‑1120 FCIC, Part I, Line 4 5. 2022 Form CT‑1120 FCIC, Part I, Line 4 6. 2023 Form CT‑1120 FCIC, Part I, Line 4 7. Total Fixed Capital Investment tax credit applied to 2023: Add Lines 1 through 6, Column D. 8. Total Fixed Capital Investment tax credit carryforward to 2024: Add Lines 2 through 6, Column E. Computation of Carryforward Instructions Lines 1 through 6, Columns A through D - Enter the amount for each corresponding year. Lines 2 through 5, Column E - Subtract Column D from Column C. Line 6, Column E - Subtract Line 6, Column D from Line 6, 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. Part III - Computation of Recapture - See instructions below. 1. Enter the amount of Fixed Capital Investment tax credit to be recaptured at 50%. Attach detailed schedule. 2. Multiply Line 1 by 50% (.50). 1. 2. 3. Enter the amount of Fixed Capital Investment tax credit to be recaptured at 100%. Attach detailed schedule. 3. 4. Total recapture amount: Add Line 2 and Line 3. Enter total here and on Form CT‑1120, Schedule C, Line 1c or Form CT‑1120CU, Part I, Line 8. 4. Computation of Recapture Instructions The corporation is required to recapture 50% of the credit allowed if the fixed capital for which the credit was applied or its replacement is not held and used in Connecticut in the ordinary course of the corporation’s trade or business in Connecticut for five full years following its acquisition. The corporation is required to recapture 100% of the credit allowed if the fixed capital for which the credit was applied or its replacement is not held and used in Connecticut in the ordinary course of the corporation’s trade or business in Connecticut for three full years following its acquisition. Recapture is required in the income year following the income year during which the three-year or five-year period expires. A corporation may also elect to recapture earlier than is required. The corporation should include the amount of the credit to be recaptured for capital held at least three years, but less than five years in Line 1 and the amount of the credit to be recaptured for capital held for less than three years in Line 3. Form CT-1120 FCIC Back (Rev. 12/23) Visit us at portal.ct.gov/DRS for more information.
Form CT-1120 FCIC
More about the Connecticut Form CT-1120 FCIC Corporate Income Tax Tax Credit TY 2023
We last updated the Fixed Capital Investment Credit in February 2024, so this is the latest version of Form CT-1120 FCIC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120 FCIC directly from TaxFormFinder. You can print other Connecticut tax forms here.
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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 FCIC.
| Form Code | Form Name |
|---|---|
| Form CT-1120 Instructions | Connecticut Corporation Business Tax Instructions |
| Form CT-1120 A-LP | Corporation Business Tax Return Apportionment of Limited Partnership Interests |
| 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 RC | Research and Experimental Expenditures 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 FCIC from the Department of Revenue Services in February 2024.
Form CT-1120 FCIC 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 FCIC
We have a total of twelve past-year versions of Form CT-1120 FCIC 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 FCIC
CT-1120 FCIC, 2016 Fixed Capital Investment Tax Credit
2015 Form CT-1120 FCIC
CT-1120 FCIC, 2015 Fixed Capital Investment Tax Credit
2014 Form CT-1120 FCIC
CT-1120 FCIC , Fixed Capital Investment Tax Credit
2013 Form CT-1120 FCIC
CT-1120 FCIC, 2013 Fixed Capital Investment Tax Credit
2012 Form CT-1120 FCIC
CT-1120 FCIC, Fixed Capital Investment Tax Credit
2011 Form CT-1120 FCIC
CT-1120 FCIC, Fixed Capital Investment Tax Credit
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