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Connecticut Historic Rehabilitation Tax Credit
Extracted from PDF file 2023-connecticut-form-ct-1120-hr.pdf, last modified November 2023Historic Rehabilitation Tax Credit
Department of Revenue Services State of Connecticut 2023 Form CT-1120HR Historic Rehabilitation Tax Credit (Rev. 12/23) For Income Year Beginning: ___________________________ , 2023 and Ending: ___________________________ , __________ . Connecticut Tax Registration Number Name of eligible taxpayer General Information Credit Computation Complete this form in blue or black ink only. Do not use staples. Prior to any rehabilitation work taking place, the owner must submit a rehabilitation plan to DECD along with an estimate of the qualified expenditures. The tax credit is equal to the lesser of 25% of the projected rehabilitation expenditures or 25% of the actual rehabilitation expenditures. If DECD certifies that the project creates qualified affordable housing units or is located in a federally designated Qualified Opportunity Zone, then the tax credit is equal to the lesser of 30% of the projected rehabilitation expenditures or 30% of the actual rehabilitation expenditures. Please note that each form is year specific. The correct year’s form must be used. Use Form CT-1120HR to claim the Historic Rehabilitation tax credit available under Conn. Gen. Stat. § 10-416c for owners rehabilitating certified historic structures. The Historic Rehabilitation tax credit is administered by the Department of Economic and Community Development (DECD). 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 may be claimed in the year in which the substantially rehabilitated certified historic structure is placed in service. In the case of projects completed in phases, the tax credit may be prorated to the substantially rehabilitated identifiable portion of the building placed in service. Carryforward/Carryback Any remaining credit balance that exceeds the credit applied may be carried forward for five income years. 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. Any owner allowed this tax credit may assign the credit to any individual or entity. An assignee must claim the credit in the same year that the assignor would have been eligible to claim the credit. This tax credit may be sold or assigned in whole or in part not more than three times. Part I - Credit Computation The Historic Rehabilitation tax credit is being claimed by: An owner An assignee A taxpayer designated as a partner or member of an owner If credit is being claimed by an assignee, enter the name and Connecticut Tax Registration Number (if available) of the assignor below. Attach a copy of the written notice provided to DECD of the transfer. Investor/Assignor’s Name Investor/Assignor’s Connecticut Tax Registration Number Initial investor Second assignor Third assignor Tax credit: Enter the amount of Historic Rehabilitation tax credit as listed on the voucher granted by 1. DECD for the 2023 income year. Enter here and on Form CT‑1120K, Part I‑C, Column B or Form CT‑207K, Part 1C, Column B. Visit us at portal.ct.gov/DRS for more information. 1. Part II - Computation of Carryforward A Total Credit Earned B Credit Applied 2018 Through 2022 C Carryforward to 2023 2018 Historic Rehabilitation tax 1. credit from 2018 Form CT‑1120HR, Part I, Line 1 2019 Historic Rehabilitation tax 2. credit from 2019 Form CT‑1120HR, Part I, Line 1 2020 Historic Rehabilitation tax 3. credit from 2020 Form CT‑1120HR, Part I, Line 1 2021 Historic Rehabilitation tax 4. credit from 2021 Form CT‑1120HR, Part I, Line 1 2022 Historic Rehabilitation tax 5. credit from 2022 Form CT‑1120HR, Part I, Line 1 2023 Historic Rehabilitation tax 6. credit from 2023 Form CT‑1120HR, Part I, Line 1 7. Total Historic Rehabilitation tax credit applied to 2023: Add Lines 1 through 6, Column D. 8. Total Historic Rehabilitation 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 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-1120HR 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 HR
More about the Connecticut Form CT-1120 HR Corporate Income Tax Tax Credit TY 2023
We last updated the Historic Rehabilitation Tax Credit in February 2024, so this is the latest version of Form CT-1120 HR, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120 HR 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 HR.
| 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 HR from the Department of Revenue Services in February 2024.
Form CT-1120 HR 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 HR
We have a total of nine past-year versions of Form CT-1120 HR 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 HR
CT-1120HR, 2016 Historic Rehabilitation Tax Credit
2015 Form CT-1120 HR
CT-1120HR, 2015 Historic Rehabilitation Tax Credit
2014 Form CT-1120 HR
CT-1120HR, 2014 Historic Rehabilitation Tax Credit
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