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Connecticut Film Production Tax Credit
Extracted from PDF file 2023-connecticut-form-ct-1120fp.pdf, last modified December 2023Film Production Tax Credit
Department of Revenue Services State of Connecticut 2023 Form CT-1120FP (Rev. 12/23) Film Production Tax Credit For Income Year Beginning:________________________ , 2023 and Ending:_________________________ ,__________ . Name of eligible taxpayer Connecticut Tax Registration Number 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-1120FP to claim the business tax credit available under Conn. Gen. Stat. § 12-217jj for qualified film production. The Film Production tax credit is administered by the Connecticut Department of Economic and Community Development (DECD) and may not be claimed until DECD issues a tax credit voucher which lists the amount of the available tax credit. The Film Production tax credit may be applied against the taxes imposed under Chapter 207 (Insurance Companies and Health Care Centers Taxes), Chapter 208 (Corporation Business Tax), Chapter 211 (Community Antenna Television Systems and One‑Way Satellite Transmission Businesses Tax), and Chapter 219 (Sales and Use Tax) of the Connecticut General Statutes. This tax credit may be assigned in whole or in part no more than three times. Claim Period For credit vouchers issued on or after July 1, 2015, all or any part of the tax credit may be claimed in the year the production expenses or costs were incurred or in any of the five succeeding years after the year the production expenses or costs were incurred. Credit Percentage This credit is calculated based on a percentage of qualified production expenses or costs. The percentage depends on the amount of production expenses or costs, as detailed in the following chart in the next column: At least $100,000 but not more than $500,000 10% of production expenses or costs More than $500,000 but not more than $1 million 15% of production expenses or costs More than $1 million 30% of production expenses or costs Schedule A (attach a copy of Schedule A for each tax credit voucher) 1. DECD Tax Credit Voucher Number 1. 2. Date Credit Voucher issued by DECD 2. 3. Year in which eligible expenditures were incurred 4. Amount of qualified Film Production tax credit as listed on the tax credit voucher issued by DECD. 3. 4. 5. Amount of Film Production tax credit applied to the Corporation Business Tax. 5. 6. Amount of tax credit applied to other taxes 6. 7. Total amount of tax credit applied. Add Line 5 and Line 6. 8. Assignees applying this credit to the Community Antenna Television Systems and One‑Way Satellite Transmission Businesses Tax: • Multiply amount applied by 8% if the credit was earned by the entity with which the assignee has common ownership (at least 50%); or • Multiply amount applied by 5% if the credit was earned by the entity with which the assignee does not have common ownership. 7. 8. 9. Assignees applying this credit to the Sales and Use Tax: • Multiply amount applied by 22% if the credit was earned by the entity with which the assignee has common ownership (at least 50%). • Credits earned by an entity with which the assignee does not have common ownership may not be applied to the Sales and Use Tax. 9. 10. Credit forfeit amount: Add Line 8 and Line 9. 10. 11. Tax credit: Subtract Line 10 from Line 7. 11. 12. Tax credit is being claimed by: An eligible production company An assignee If credit is being claimed by an assignee, enter the name and Connecticut Tax Registration Number (if available) of the assignor below. Attach explanation. Investor/Assignor’s Name Investor/Assignor’s Connecticut Tax Registration Number Initial investor Second assignor Third assignor Visit us at portal.ct.gov/DRS for more information. General Information (continued) Limitations on Assigned Credit Usage by Chapter 211 Taxpayers Credits may be assigned to and used by a taxpayer subject to tax under Chapter 211. In general, taxpayers that are assigned the credit and that use the credit against the tax imposed under Chapter 211 may only claim 95% of the amount reported on the credit voucher; the remainder is forfeited. If there is common ownership of at least 50% between the eligible production company and the taxpayer assigned the credit, only 92% of the amount reported on the credit voucher may be claimed against the tax imposed under Chapter 211; the remainder is forfeited. Limitations on Assigned Credit Usage by Chapter 219 Taxpayers • Credits may only be claimed against the tax imposed under Chapter 219 if there is common ownership of at least 50% between the eligible production company and the taxpayer assigned the credit; and • Taxpayers claiming the credit against the tax imposed under Chapter 219 may only claim 78% of the amount of such credit against such tax; the remainder is forfeited. Additional Information See the Guide to Connecticut Business Tax Credits on the Department of Revenue Services (DRS) website at portal.ct.gov/DRS. Credit Computation A Total Credit Earned B Credit Applied 2018 Through 2022 1. 2018 Film Production tax credit 2. 2019 Film Production tax credit 3. 2020 Film Production tax credit 4. 2021 Film Production tax credit 5. 2022 Film Production tax credit 6. 2023 Film Production tax credit 7. Total Film Production tax credit applied to 2023: Add Lines 1 through 6, Column D. 8. Total Film Production tax credit available in 2024: Add Lines 2 through 6, Column E. C Credit Available in 2023 Subtract Column B from Column A. D Credit Applied to 2023 E Credit Available in 2024 Instructions for Credit Computation Line 1, Column A - Enter the total amount from Schedule A, Line 6 attributable to credit vouchers(s) issued by DECD for eligible production expenses or costs incurred in 2018. Line 2, Column A - Enter the total amount from Schedule A, Line 6 attributable to credit vouchers(s) issued by DECD for eligible production expenses or costs incurred in 2019. Line 3, Column A - Enter the total amount from Schedule A, Line 6 attributable to credit vouchers(s) issued by DECD for eligible production expenses or costs incurred in 2020. Line 4, Column A - Enter the total amount from Schedule A, Line 6 attributable to credit vouchers(s) issued by DECD for eligible production expenses or costs incurred in 2021. Line 5, Column A - Enter the total amount from Schedule A, Line 6 attributable to credit vouchers(s) issued by DECD for eligible production expenses or costs incurred in 2022. Form CT-1120FP Back (Rev. 12/23) Line 6, Column A - Enter the total amount from Schedule A, Line 11 attributable to credit vouchers(s) issued by DECD for eligible production expenses or costs incurred in 2023. Lines 1 through 6, Columns B through D - Enter the amount for each corresponding period. Do not include credit amounts forfeited. 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. Visit us at portal.ct.gov/DRS for more information.
Form CT-1120FP
More about the Connecticut Form CT-1120FP Corporate Income Tax Tax Credit TY 2023
We last updated the Film Production Tax Credit in February 2024, so this is the latest version of Form CT-1120FP, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-1120FP directly from TaxFormFinder. You can print other Connecticut tax forms here.
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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-1120FP from the Department of Revenue Services in February 2024.
Form CT-1120FP 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-1120FP
We have a total of twelve past-year versions of Form CT-1120FP in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form CT-1120FP
CT-1120FP, 2016 Film Production Tax Credit
2015 Form CT-1120FP
CT-1120FP, 2015 Film Production Tax Credit
2014 Form CT-1120FP
CT-1120FP, 2014 Film Production
2013 Form CT-1120FP
CT-1120FP, 2013 Film Production Tax Credit
2012 Form CT-1120FP
CT-1120FP, Film Production Tax Credit
2011 Form CT-1120FP
CT-1120FP, 2011 Film Production Tax Credit
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