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Connecticut Historic Homes Rehabilitation Tax Credit
Extracted from PDF file 2023-connecticut-form-ct-1120-hh.pdf, last modified December 2023Historic Homes Rehabilitation Tax Credit
Department of Revenue Services State of Connecticut (Rev. 12/23) 2023 Form CT-1120HH Historic Homes Rehabilitation Tax Credit For Income Year Beginning: ___________________________ , 2023 and Ending: ___________________________ , __________ . Connecticut Tax Registration Number Corporation name 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-1120HH to claim the Historic Homes Rehabilitation tax credit available under Conn. Gen. Stat. § 10-416. This tax credit is administered by the Department of Economic and Community Development (DECD) and an application to earn the tax credit is required. The credit may only be claimed if a tax credit voucher has been issued by DECD. This credit may be applied against the taxes administered under Chapters 207 (Insurance Companies and Health Care Centers Taxes), 208 (Corporation Business Tax), 209 (Air Carriers Tax), 210 (Railroad Companies Tax), 211 (Community Antenna Television Systems Tax), or 212 (Utility Companies Tax) of the Connecticut General Statutes. The tax credit granted by DECD shall be taken by the holder of the tax credit voucher in the same year in which the voucher is issued. Owners of historic homes must incur qualified rehabilitation expenditures that exceed $15,000 in order to qualify. After the rehabilitation work is performed by the owner and verified by DECD, a tax credit voucher is provided to either the owner rehabilitating the historic home or to the taxpayer named by the owner as contributing to the rehabilitation. The credit shall not exceed $30,000 per dwelling unit, except that such credit shall not exceed $50,000 per dwelling unit for an owner that is a nonprofit corporation. Carryforward/Carryback Any remaining credit balance that exceeds the credit applied may be carried forward for four income years. This credit may not be assigned. No carryback is allowed. Additional Information See the Guide to Connecticut Business Tax Credits available on the Department of Revenue Services (DRS) website at portal.ct.gov/DRS. Credit Computation A tax credit under Conn. Gen. Stat. § 10-416 is available in an amount equal to the lesser of 30% of projected qualified rehabilitation expenditures or 30% of the actual rehabilitation expenditures incurred in the rehabilitation of an historic home. Part I - Credit Computation Tax credit: Enter the total amount of Historic Homes Rehabilitation tax credit as listed on 1. the voucher issued by DECD for the 2023 income year. Enter here and on Form CT-1120K, Part I-C, Column B, and/or Form CT-207K, Part 1C, Column B. Visit us at portal.ct.gov/DRS for more information. 1. Part II - Computation of Carryforward The Historic Homes Rehabilitation tax credit may be carried forward for four income years. See instructions below. A Total Credit Earned 1. B C Credit Applied 2019 Carryforward to 2023 Through 2022 Subtract Column B from Column A. 2019 Historic Homes Rehabilitation tax credit from 2019 Form CT-1120HH, Part I, Line 1 2020 Historic Homes Rehabilitation tax credit from 2. 2020 Form CT-1120HH, Part I, Line 1 3. 2021 Historic Homes Rehabilitation tax credit from 2021 Form CT-1120HH, Part I, Line 1 2022 Historic Homes Rehabilitation tax credit from 4. 2022 Form CT-1120HH, Part I, Line 1 2023 Historic Homes Rehabilitation tax credit from 5. 2023 Form CT-1120HH, Part I, Line 1 6. Total Historic Homes Rehabilitation tax credit applied to 2023: Add Lines 1 through 5, Column D. 7. Total Historic Homes Rehabilitation tax credit carried forward to 2024: Add Lines 2 through 5, Column E. Computation of Carryforward Instructions Lines 1 through 5, Columns A through D – Enter the amount for each corresponding year. Lines 2 through 4, Column E – Subtract Column D from Column C. Line 5, 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-1120HH Back (Rev. 12/23) Visit us at portal.ct.gov/DRS for more information. D Credit Applied to 2023 E Carryforward to 2024
Form CT-1120 HH
More about the Connecticut Form CT-1120 HH Corporate Income Tax Tax Credit TY 2023
We last updated the Historic Homes Rehabilitation Tax Credit in February 2024, so this is the latest version of Form CT-1120 HH, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120 HH 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 HH.
| 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 HH from the Department of Revenue Services in February 2024.
Form CT-1120 HH 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 HH
We have a total of twelve past-year versions of Form CT-1120 HH 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 HH
CT-1120HH, 2016 Historic Homes Rehabilitation Tax Credit
2015 Form CT-1120 HH
CT-1120HH, 2015 Historic Homes Rehabilitation Tax Credit
2014 Form CT-1120 HH
CT-1120HH, 2014 Historic Homes Rehabilitation Tax Credit
2013 Form CT-1120 HH
CT-1120HH, 2013 Historic Homes Rehabilitation Tax Credit
2012 Form CT-1120 HH
CT-1120HH, 2012 Historic Homes Rehabilitation Tax Credit
2011 Form CT-1120 HH
CT-1120HH, Historic Homes Rehabilitation Tax Credit
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