Form 207 - Instructions
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1Form 207 Instructions
Who Must File
Housing Program Contribution Credit: A copy of the tax credit
voucher issued by CHFA must be filed with this return.
Each domestic insurance company authorized to do an
insurance business in Connecticut must file Form 207.
Child Day Care Credit Carryforward: A copy of the credit
When to File
approval letter issued by the Commissioner of Social Services
must be filed with this return.
Form 207 must be filed on or before March 1, 2001.
Extension Requests
Electronic Data Processing Equipment Property Tax Credit:
A copy of Form CT-1120 EDPC, Electronic Data Processing
To request an extension of time to file Form 207, a company
Equipment Property Tax Credit, and the applicable property
must file Form 207/207F EXT, Application for Extension of
tax bill must be filed with this return.
Time to File Insurance Premium Tax Return , and pay all the
tax it expects to owe on or before March 1, 2001.
Connecticut Insurance Reinvestment Fund Credit: A copy of
Who Must Pay Estimated Tax
the documentation from the Department of Economic and
Community Development, a copy of Form CT-1120K, Business
Each company whose expected liability is $1,000 or more must
Tax Credit Summary, and Form CT-IRF, Insurance
pay estimated tax. Refer to the general instructions on Forms
Reinvestment Fund Credit, must be filed with this return.
207 ESA, ESB, ESC, and ESD, Estimated Insurance Premiums
Penalties
Tax Payment Coupons .
Late Payment Penalty: The penalty for late payment is 10%
Underpayment of Estimated Tax
(.10) of the tax due or $50, whichever is greater.
Use Form 207 I, Underpayment of Estimated Tax, to calculate
Late Filing Penalty: If no tax is due, the Commissioner of
interest on the underpayment of estimated tax. Attach Form
Revenue Services may impose a $50 penalty for failure to file
207 I to this return.
any return that is required by law to be filed. A return must be
Credits
filed even if no additional tax is due.
Insurance Department Assessment Credit: A copy of page
Interest
12 of the Annual Statement filed with the Connecticut Insurance
Interest accrues at the rate of 1% (.01) per month or fraction of
Department (the Analysis of Assets page) and a copy of the
from the original due date of the return through the date of
Insurance Assessment must be filed with this return.
payment. Interest due on the underpayment of estimated tax
To claim the following credits complete Form CT-1120K,
is computed using Form 207 I, Underpayment of Estimated
Business Tax Credit Summary. For information about
Tax.
Connecticut business tax credits, see Informational
Signature
Publication 95 (2.1), Guide to Connecticut Corporation
A principal officer of the company must sign this return.
Business Tax Credits, and Special Notice 2000(15),
Connecticut Corporation Business Tax Credits, 1999 - 2000
Paid Preparer Signature
Update .
A paid preparer must sign and date Form 207. Paid preparers
must also enter their Social Security Number (SSN) or
Computer Donation Credit: Enter the amount approved by
Preparer Tax Identification Number (PTIN), and their firm’s
the Commissioner of Revenue Services.
Federal Employer Identification Number (FEIN) in the spaces
Historic Homes Credit: Enter the allowable Historic Homes
provided.
Credit allowed by the Connecticut Historical Commission.
Forms, Information, and Assistance
Neighborhood Assistance Act Credit: A copy of documentation
To get additional forms or supporting schedules, visit our
from the Department of Revenue Services approving the proposal
Web site at or call 1-800-382-9463
and stating the maximum credit allowable must be filed with
(in-state) or 860-297-4753 (Voice mail available 24 hours).
this return.
Where to File Return
Mail to: Department of Revenue Services
Employer-Assisted Housing Credit: A copy of documentation
PO Box 2990
from the Connecticut Housing Finance Authority (CHFA)
Hartford CT 06104-2990
approving this credit must be filed with this return.
Form 207 Back (Rev. 12/00)
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Parent category: Financial