Form Ct-1120sk - S Corporation Business Tax Credit Summary Instructions Sheet
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42000
STATE OF CONNECTICUT
FORM CT-1120SK
DEPARTMENT OF REVENUE SERVICES
(Rev. 12/00)
S Corporation Business Tax Credit Summary
Instructions
Form CT-1120SK, S Corporation Business Tax Credit
All applicable credit forms, schedules, and any letters of
Summary, must be attached to Form CT-1120S, S Corporation
approval or eligibility received from the agency
Business Tax Return, or the applicable tax form whenever tax
administering the tax credit must be attached to and made
credits from the current income year are being claimed or
part of this tax return.
carryforward credit balances exist from the prior year.
Additional information about Connecticut tax credits is available
Part I-A — Financial Institutions Tax Credit
in DRS Informational Publication 95(2.1), Guide to
Connecticut Corporation Business Tax Credits, and Special
Line 1 - Enter the credit for financial institutions constructing
Notice 2000(15), Connecticut Corporation Business Tax
new facilities in Connecticut. Attach the initial Certificate
Credits, 1999 - 2000 Update. These publications are available
of Eligibility issued by the Department of Economic
on the DRS Web site or by mail. To order these publications
and Community Development (DECD).
Enter in Part I-A,
separately, send a 9" x 12" self-addressed envelope with $1.43
Column A, the credit earned in 2000. S corporations computing
postage affixed, for each publication; or to order both
tax based on net income (Form CT-1120S, Schedule A)
publications together, send a 9" x 12" self-addressed envelope
multiply the amount in Column A by 30% (.30) and enter the
with $2.31 postage affixed to:
result in Column B. S corporations computing tax based on
Department of Revenue Services
capital (Form CT-1120S, Schedule B) and those subject to
Mail Unit, Corporation Credit Guide
the minimum tax of $250, enter the amount from Column A in
25 Sigourney Street
Column B.
Hartford CT 06106-5032
Enter in Column C the amount actually applied to the
Corporation business tax credits must be applied in a specific
S corporation business tax. Column C cannot exceed the
order, where a corporation is eligible to claim more than one
amount from Part III, Line 2.
tax credit. In no event, however, shall any credit be claimed
more than once. The order is as follows:
(1) The Financial Institutions Credit must be applied
Part I-B — Tax Credits with Carryback
before any and all other credits.
Provisions
(2) Any credit that may be carried back to a preceding
income year must be applied after the Financial
Enter in Part I-B, Lines 2 through 4, Column A, all of the
Institutions Credit, but before any other credits. Any
credits that were earned in 2000 that have a carryback
credit carryback that will expire first must be claimed
provision. The credits indicated here are applied to the current
before any credit carryback that will expire later. If
year's tax first. Any remaining balance may be claimed against
the credit carrybacks will expire at the same time,
a preceding year's tax by filing Form CT-1120X or the
credits must be taken in the order in which the
appropriate amended tax return. For credits that also have a
corporation may receive the maximum benefit.
carryforward provision, complete Part I-D.
(3) Any credit that may not be carried back to a preceding
income year and that may not be carried forward to a
S corporations computing tax based on net income
succeeding income year must be claimed next, in the
(Form CT-1120S, Schedule A) multiply the amount in
order in which the corporation may receive the
Column A by 30% (.30) and enter the result in Column B.
maximum benefit.
Special rules apply to the NAA Credit and the Housing Program
(4) Any credit that may be carried forward to a
Contribution Credit. See Part I-B, Lines 2 and 3. S corporations
succeeding income year must be claimed next. Any
computing tax based on capital (Form CT-1120S,
credit carryforward that will expire first must be
Schedule B) and those subject to the minimum tax of $250
claimed before any credit carryforward that will
enter the amount from Column A in Column B.
expire later. If the credit carryforwards will expire at
the same time, credits must be taken in the order in
Enter in Column C the amount actually applied to the
which the corporation may receive the maximum
S corporation business tax. Column C cannot exceed the
benefit.
amount from Part III, Line 4.
(5) The Electronic Data Processing Equipment Property
Enter in Column D the difference between the amount of
Tax Credit must be applied last, after any and all other
credit claimed (Column A) and the amount applied in the
credits have been applied.
current year (Column C).
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