Connecticut Income Tax Credit Summary

Income Tax Credit Summary
Form CT-IT Credit
Income Tax Credit Summary

(Rev. 12/23)
IT 1223W 01 9999

Taxpayer’s name (if individual)	

2023

Schedule CT-IT Credit

Department of Revenue Services
State of Connecticut

Complete this form in blue or black ink only. See instructions before completing. Please note that each form is year specific.
To prevent any delay in processing your return, the correct year’s form must be attached to Form CT‑1040, Form CT‑1040NR/PY,
Form CT‑1040X, or Form CT‑1041 and submitted to the Department of Revenue Services (DRS). Do not use staples.
Middle initial	 Last name	

Social Security Number (SSN)

If joint return, spouse’s first name	 Middle initial	 Last name	

Spouse’s SSN

Taxpayer’s name (if trust or estate)			

Federal Employer Identification Number

Part 1 Tax Credits Applied to Income Tax Liability
	 1.	 Income tax liability: Enter amount from Form CT‑1040,
Line 12; Form CT‑1040NR/PY, Line 14; Form CT‑1040X,
Line 16; or Form CT‑1041, Line 7.

Column A

Tax Credit Limitation

Column B

Carryforward From
Previous Income Years

Column C

2023 Amount Earned

Column D

Amount Applied to
2023 Income Tax Liability

Column E

Carryforward Amount
to 2024

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	2.	Reserved for future use.
	3.	Reserved for future use.
	 4.	 Birth of a Stillborn Child Tax Credit. See instructions before
completing Line 4.
	 5.	 Balance of income tax liability: Subtract Line 4, Column D,
from Line 1, Column A. If less than zero, enter “0.”

	10.	Prior year Connecticut minimum tax: Enter in Column B the
amount from your 2022 Schedule CT‑IT Credit, Line 10,
Column E. Enter in Column D the lesser of your 2023 Form
CT‑8801, Part 2, Line 30, or Schedule CT‑IT Credit, Line 9,
Column A.

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	 8. 	Insurance Reinvestment Fund Tax Credit from Form CT‑IRF:
Enter in Column D the lesser of Line 8, Column B, or Line 7,
Column A.
	 9.	 Balance of income tax liability: Subtract Line 8, Column D,
from Line 7, Column A. If less than zero, enter “0.”

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	 6.	 Angel Investor Tax Credit: See instructions before
completing Line 6.
	 7.	 Balance of income tax liability: Subtract Line 6, Column D, from
Line 5, Column A. If less than zero, enter “0.”

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	11.	 Total allowable credits:
Add Column D on Lines 4, 6, 8, and 10. Enter the total here
and on Form CT‑1040, Line 13; Form CT‑1040NR/PY,
Line 15; Form CT‑1040X, Line 17; or Form CT‑1041, Line 8.

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Do not use this schedule to report any pass‑through entity tax credit.
If you have pass‑through entity tax credit, use Schedule CT‑PE, Pass‑Through Entity Tax Credit.

Visit us at portal.ct.gov/DRS for more information.

Schedule CT-IT Credit
Page 2 of 2
(Rev. 12/23)
IT 1223W 02 9999

Your Social Security Number

Part 2 - Tax Credits Reported by Pass‑Through Entity on Schedule CT K‑1 or by a Trust or Estate on Schedule CT‑1041 K‑1
Column A

Type of Tax Credit

Column B

Column C

Name of Pass-Through Entity or Trust

Column D

FEIN

Amount of Credit

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	 8.	 Additional tax credits from attached schedules.

	 	

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	 9.	 Total: Add Lines 1 through 8.

		

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Part 3 - Angel Investor Tax Credit
1.	 CII Voucher Number:	

Indicate if you are:	

Original Holder	 

OR	

Assignee

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2.	 CII Voucher Number:		

Indicate if you are:	

Original Holder	 

OR	

Assignee



Attach completed Schedule CT‑IT Credit to the back of Form CT‑1040, CT-1040NR/PY, CT‑1040X or CT-1041.

Visit us at portal.ct.gov/DRS for more information.

Schedule CT-IT Credit Instructions
Individuals, Trusts, or Estates

Attach Schedule CT‑IT Credit, Income Tax Credit Summary,
to Form CT‑1040, Connecticut Resident Income Tax Return,
Form CT‑1040NR/PY, Connecticut Nonresident or Part‑Year
Resident Income Tax Return, Form CT‑1040X, Amended
Connecticut Income Tax Return for Individuals, or Form
CT‑1041, Connecticut Income Tax Return for Trusts and
Estates, whenever tax credits from the current taxable year
are being claimed or carryforward tax credit balances exist
from a prior year. Do not use staples. Keep a copy of the
document(s) reporting the amount of your available credit
for your records. The amount of the tax credit is limited to
the taxpayer’s income tax liability.
Trusts or estates may allocate all or a portion of the credit(s)
to the beneficiary(ies). If all or a portion of the credit(s)
is allocated to the beneficiary(ies), the trust or estate
must complete Worksheet B - Worksheet for Schedule
CT‑IT Credit (found in Form CT-1041, Connecticut Income
Tax for Trusts and Estates Return Instructions). The
amount of the tax credit allocable to the trust or estate on
Worksheet B - Worksheet for Schedule CT‑IT Credit, Line 6,
Column D, is the amount earned for purposes of Column C
of this schedule.

Tax Credits With Limited Carryforward Provisions
Any angel investor or insurance reinvestment fund tax credit
balance that remains after applying the tax credits to the
current year income tax liability may be carried forward if the
period for claiming the tax credit has not expired.

Since the carryforward period for each tax credit varies, the
taxpayer must decide how to apply the tax credits with a
carryforward provision based on the remaining carryforward
period. For example, if the insurance reinvestment fund tax
credit has only a two‑year carryforward period remaining
and the angel investor tax credit has a five‑year carryforward
period remaining, the taxpayer may choose to apply the
insurance reinvestment fund tax credit first.
Attach Form CT‑IRF, Insurance Reinvestment Fund Tax
Credit, to Form CT‑1040, Form CT‑1040NR/PY, Form
CT‑1040X, or Form CT‑1041 if a paper return is filed.

Credit for Prior Year Connecticut Minimum Tax

A credit for a prior year alternative minimum tax may
be allowed if you do not have a current year alternative
minimum tax liability. Attach Form CT‑8801, Credit for Prior
Year Connecticut Minimum Tax for Individuals, Trusts, and
Estates, to Form CT‑1040, Form CT‑1040NR/PY, Form
CT‑1040X, or Form CT‑1041 if a paper return is filed.
Schedule CT-IT Credit Instructions (Rev. 12/23)	

These forms can be downloaded from the DRS website at
portal.ct.gov/DRS.

Part 1 Line Instructions

Line 1 - Income tax liability

Column A: Enter the 2023 income tax liability from Form
CT‑1040, Line 12; Form CT‑1040NR/PY, Line 14; Form
CT‑1040X, Line 16; or Form CT‑1041, Line 7.

Line 4 - Birth of a stillborn child tax credit

Eligible taxpayers may claim a credit of $2,500 against their
Connecticut income tax liability. This credit is effective for
taxable years commencing on or after January 1, 2022.

Line 10 - Credit for prior year alternative
minimum tax
You must complete Form CT‑8801 before completing
Schedule CT‑IT Credit, Line 10. Attach Form CT‑8801 to
your return if a paper return is filed.
Column B: Enter the amount from your 2022 Schedule
CT‑IT Credit, Line 10, Column E.
Column C: Enter the amount from your 2023 Form CT‑8801,
Part 2, Line 24.

Column C: Enter the amount earned during 2023.

Column D: Enter the amount from your 2023 Form CT‑8801,
Part 2, Line 30, or the amount from Schedule CT‑IT Credit,
Line 9, Column A, whichever is less.

Column D: Enter the amount applied to your 2023 income
tax liability.

Column E: Subtract Column D from the total of Column B
and Column C.

If you are claiming the Birth of a Stillborn Child Tax Credit,
subtract Line 4, Column D from Line 1, Column A and enter
the amount on Line 5. If less than zero, enter “0”.

Line 6 - Angel investor tax credit

Effective for taxable years beginning on or after
January 1, 2016, the Angel Investor Tax Credit may be
sold, assigned, or transferred one time. See instructions
for Part 3 - Angel Investor Tax Credit.
Column B: Enter the amount from your 2022 Schedule
CT‑IT Credit, Line 6, Column E.
Column C: Enter the amount earned during 2023. This
is the amount on the credit voucher from Connecticut
Innovations, Inc., Schedule CT K‑1, Schedule CT‑1041 K‑1,
or Worksheet B - Worksheet for Schedule CT‑IT Credit.
Column D: Enter the amount applied to your 2023 income
tax liability. Enter the lesser of the total of Line 6, Column B
and Column C, or Line 5, Column A.
Column E: Subtract Column D from the total of Column B
and Column C.

Line 8 - Insurance reinvestment fund tax credit

You must complete Form CT‑IRF before completing
Schedule CT‑IT Credit, Line 8. Attach Form CT‑IRF to your
return if a paper return is filed.
Column B: Enter the amount from your 2022 Schedule
CT‑IT Credit, Line 8, Column E.
Column D: Enter the amount applied to your 2023 income
tax liability. Enter the lesser of Line 8, Column B, or Line 7,
Column A.
Column E: Enter the amount from your 2023 Form CT‑IRF,
Part II, Line 8.

Part 2 Tax Credit Reported by
Pass‑Through Entity on Schedule
CT K‑1 or by a Trust or Estate on
Schedule CT‑1041 K‑1
Individual, Trust, or Estate

An individual, trust, or estate who is a member of a
pass‑through entity or a beneficiary of a trust or estate must
complete Part 2 of this schedule.
For each credit reported to the individual, trust, or estate
on Schedule CT K‑1 or Schedule CT‑1041 K‑1, enter in
Column A the type of tax credit reported. Enter in Columns B
and C respectively, the name and Federal Employer
Identification Number (FEIN) of the pass‑through entity as
it appears on Schedule CT K‑1 or the name and FEIN of
the trust or estate as it appears on Schedule CT‑1041 K‑1.
Enter the amount of each tax credit in Column D. Attach
additional schedules as needed.

Part 3 Angel Investor Tax Credit
Individual, Trust, or Estate

You must complete Part 3 of this schedule if you are taking
the Angel Investor Tax Credit whether you are the Original
Holder of the Credit or the Credit was assigned, transferred,
or sold to you. Provide the CII Voucher Number and indicate
if you are the Original Holder or the Assignee.

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