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Connecticut Green Building Tax Credit
Extracted from PDF file 2023-connecticut-form-ct-1120-gb.pdf, last modified November 2023Green Building Tax Credit
DRAFT 11-15-2023 2023 Department of Revenue Services State of Connecticut Form CT-1120GB (Rev. 12/23) Green Buildings Tax Credit For Income Year Beginning:________________________ , 2023 and Ending:_________________________ ,__________ . Corporation name Connecticut Tax Registration Number General Instructions The tax credit percentage increases by 0.5% if the eligible project meets any one of the following requirements: 1. Is a mixed-use development; 2. Is located in a brownfield or enterprise zone; 3. Does not require a sewer extension of more than 1/8 mile; or 4. Is located within 1/4 mile walking distance of bus transit, rail, light rail, streetcar, or ferry services. 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. Complete Form CT‑1120GB, Green Building Tax Credit, to claim the credit allowed under Conn. Gen. Stat. § 12‑217mm for eligible construction, renovation, or rehabilitation projects. This form must be used to claim the tax credit available against the tax imposed under Chapter 208 (Corporation Business Tax) of the Connecticut General Statutes. This credit is administered by the Department of Energy and Environmental Protection (DEEP). To be eligible to claim this credit, an application must have been submitted to and approved by DEEP prior to December 1, 2017. This tax credit may be assigned to another taxpayer or taxpayers. A project owner, including a non-profit entity, may transfer a tax credit to a pass-through partner in return for a lump sum cash payment. Carryforward/Carryback Any remaining tax credit balance that exceeds the tax credit applied may be carried forward for up to five income years. No carryback is allowed. Definitions Allowable costs means amounts chargeable to a capital account that are paid for: 1. Construction or rehabilitation costs; 2. Commissioning costs; 3. Architectural and engineering fees; 4. Site costs (e.g. temporary electric wiring, scaffolding, demolition, fencing, security); and 5. Carpeting, partitions, walls, wall coverings, ceilings, lighting, plumbing, electric wiring, mechanical, heating, cooling, ventilation. Purchases of land, remediation costs, and the costs of telephone systems or computers are not allowable costs. Credit Computation The tax credit is equal to the allowable costs multiplied by the applicable tax credit percentage. A taxpayer may claim only 25% of the total amount of allowable costs in any year. The tax credit percentage depends on the certification level of the project, as follows: Type of Eligible Project New Construction or Major Renovation Core and Shell or Commercial Interior Projects LEED Green Building Rating Tax Credit Percentage Gold Platinum Gold Platinum 8% 10.5% 5% 7% Eligible project means a real estate development project, or a building within a real estate development project, that is designed to meet the applicable LEED Green Building Rating System gold certification or other equivalent certification, as determined by DEEP. Additional Information See the Guide to Connecticut Business Tax Credits available on the Department of Revenue Services (DRS) website at portal.ct.gov/DRS. The total tax credits claimed may not exceed the amount of the tax credit voucher issued by DEEP prior to December 1, 2017. Computation of Carryforward A Total Credit Earned B Credit Applied to 2018 through 2020 C Carryforward to 2023 D Credit Applied to 2023 E Carryforward to 2024 2018 Green Building Tax Credit 1. from 2018 Form CT-1120GB, Part I, Line 8 2019 Green Building Tax Credit 2. from 2019 Form CT-1120GB, Part I, Line 7 2020 Green Building Tax Credit 3. from 2020 Form CT-1120GB, Part I, Line 5 4. Total Green Building Tax Credit applied to 2023: Add Lines 1 through 3, Column D. 5. Total Green Building Tax Credit carryforward to 2024: Add Lines 2 through 3, Column E. Computation of Carryforward Instructions Lines 1 through 3, Columns A through D – Enter the amount for each corresponding year. Lines 2 through 3, 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. Visit us at portal.ct.gov/DRS for more information.
Form CT-1120 GB
More about the Connecticut Form CT-1120 GB Corporate Income Tax Tax Credit TY 2023
We last updated the Green Building Tax Credit in February 2024, so this is the latest version of Form CT-1120 GB, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120 GB 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 GB.
| 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 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 GB from the Department of Revenue Services in February 2024.
Form CT-1120 GB 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 GB
We have a total of eleven past-year versions of Form CT-1120 GB 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 GB
CT-1120GB, 2016 Green Buildings Tax Credit
2015 Form CT-1120 GB
CT-1120GB, 2015 Green Buildings Tax Credit
2014 Form CT-1120 GB
CT-1120GB, 2014 Green Buildings Tax Credit
2013 Form CT-1120 GB
CT-1120GB, 2013 Green Buildings Tax Credit
2012 Form CT-1120 GB
CT-1120GB, 2012 Green Buildings Tax Credit
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