Form Ct-1120sk - S Corporation Business Tax Credit Summary Instructions Sheet (Page 2 of 4) in pdf

Any credit balance that remains after applying the credits to

Line 6 - Enter the Apprenticeship Training Credit computed

the current year's tax may be carried back if the credit has not

according to the provisions of Conn. Gen. Stat. §12-217g.

expired. The taxpayer must maintain a tax credit schedule for

Attach the Eligibility Certificate issued by the Department of

each credit item included in the carryback balance. The

Labor (DOL).

schedule must indicate the year in which the credit was

Line 7 - Enter the Manufacturing Facility Credit as computed

originally claimed and the income years to which the credit

on Form CT-1120 TIC/EZ, Manufacturing Facility Credit

was carried back.

for Facilities Located in a Targeted Investment Community/

Line 2 - Enter the Neighborhood Assistance Act (NAA) Credit

Enterprise Zone. Attach a copy of the certificate of eligibility

computed according to the provisions of Conn. Gen. Stat.

issued by DECD.

§§12-631 through 12-638. Attach a copy of the NAA tax

Line 8 - Enter the credit for new or used computers donated

credit approval letter issued by DRS.

to a local or regional board of education, or public school.

A special rule applies to S corporations claiming a credit under

Attach a copy of the letter of approval issued by DRS.

the NAA. Any S corporation with an income year beginning

Line 9 - Enter the credit for Research and Development Grants

on or after January 1, 1999, but before December 31, 2000,

to Institutions of Higher Education, as computed on

shall be eligible for the entire available credit under the Act.

Form CT-1120GC, Research and Development Grants to

S corporations computing tax based on net income do not

Institutions of Higher Education.

have to multiply the amount in Column A by 30%. Enter the

amount from Column A in Column B.

Line 10 - Enter the Machinery and Equipment Expenditures

Credit, as computed on Form CT-1120 MEC, Machinery

Line 3 - Enter the Housing Program Contribution Credit

and Equipment Expenditures Credit.

computed according to the provisions of Conn. Gen. Stat.

§8-395, as amended by 2000 Conn. Pub. Acts 170, §23.

Line 11 - Enter the credit for Traffic Reduction Programs

Attach a copy of the tax credit voucher issued by the

computed according to the provisions of Conn. Gen. Stat.

Connecticut Housing Finance Authority (CHFA). If you are

§12-217s, as amended by 2000 Conn. Pub. Acts 174,

claiming a credit carryforward, also complete Part I-D,

§23. Attach the Certificate of Eligibility issued by DOT.

Line 14. S corporations computing tax based on net income

Line 12 - Enter the Displaced Electric Worker Credit, as

do not have to multiply the amount in Column A by 30%.

computed on Form CT-1120 DEWC, Displaced Electric

Enter the amount from Column A in Column B.

Worker Credit.

Line 4 - Enter the Employer-Assisted Housing Credit computed

Line 13 - Add Lines 6 through 12 in Column A, Column B,

according to the provisions of Conn. Gen. Stat. §12-217p.

and Column C, and enter the totals in the spaces provided.

Multiply the amount in Column A by 30% (.30) and enter the

result in Column B. Attach a copy of the Certificate of

Compliance issued by CHFA. If you are claiming a credit

Part I-D — Tax Credits with Carryforward

carryforward, also complete Part I-D, Line 15.

Provisions

Line 5 - Add Lines 2 through 4 in Column A, Column B,

Column C, and Column D, and enter the totals in the spaces

This schedule enables an S corporation to account for any

provided.

credits with carryforward provisions that were earned in 2000.

Enter in Part I-D, Lines 14 through 25, Column A, all of the

credits that were earned in 2000 that have a carryforward

Part I-C — Tax Credits without Carryback

provision. S corporations computing tax based on net income

or Carryforward Provisions

(Form CT-1120S, Schedule A) multiply the amount in

Column A by 30% (.30) and enter the result in Column B.

Enter in Part I-C, Lines 6 through 12, Column A, all of the

S corporations computing tax based on capital

credits that were earned in 2000 that can only be applied to the

(Form CT-1120S, Schedule B) and those subject to the

current year's tax. S corporations computing tax based on net

minimum tax of $250, enter the amount from Column A in

income (Form CT-1120S, Schedule A) multiply the amount in

Column B.

Column A by 30% (.30) and enter the result in Column B.

Enter in Column C the amount actually applied to the

S corporations computing tax based on capital (Form

S corporation business tax. Column C cannot exceed the

CT-1120S, Schedule B) and those subject to the minimum tax

amount from Part III, Line 10.

of $250, enter the amount from Column A in Column B.

Enter in Column D the difference between the amount of credit

Enter in Column C the amount actually applied to the

claimed (Column A) and the amount applied in the current

S corporation business tax. Column C cannot exceed the

year (Column C).

amount from Part III, Line 6.

Form CT-1120SK Instructions (Rev. 12/00)

Page 2 of 4

Form Ct-1120sk - S Corporation Business Tax Credit Summary Instructions Sheet Page 2

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