Form Ct-1120sk - S Corporation Business Tax Credit Summary Instructions Sheet Page 3
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4The taxpayer must maintain a tax credit schedule for each
Part I-E — Electronic Data Processing
credit item included in the carryforward balance. The schedule
Equipment Property Tax Credit
must indicate the year in which the credit was originally claimed
Line 27 - Enter on Line 27 the allowable Electronic Data
and the income years to which the credit was carried forward.
Processing Equipment Property Tax Credit as computed
Line 14 - If you are claiming the Housing Program Contribution
on Form CT-1120 EDPC, Electronic Data Processing
Credit, complete Part I-B, Line 3. Attach a copy of the tax
Equipment Property Tax Credit. Enter in Part I-E, Column A,
credit voucher issued by CHFA.
the credit earned in 2000. S corporations computing tax based
on net income (Form CT-1120S, Schedule A) multiply the
Line 15 - If you are claiming the Employer-Assisted Housing
amount in Column A by 30% (.30) and enter the result in
Credit, complete Part I-B, Line 4. Attach a copy of the
Column B. S corporations computing tax based on capital
certificate of compliance issued by CHFA.
(Form CT-1120S, Schedule B) and those subject to the
Line 16 - Enter the Hiring Incentive Tax Credit (formerly
minimum tax of $250, enter the amount from Column A
Opportunity Certificate Credit) as computed on
in Column B.
Form CT-1120 HIC, Hiring Incentive Tax Credit. Attach
Enter in Column C the amount actually applied to the corporation
a copy of the tax credit approval letter received from DOL.
business tax. Column C cannot exceed the amount from
Line 17 - Enter the total credit for Clean Alternative Fuel
Part III, Line 12.
relating to vehicles, equipment, and filling or recharging stations
Enter in Column D the difference between the amount of credit
as computed according to the provisions of Conn. Gen. Stat.
claimed (Column A) and the amount applied in the current
§12-217i. Tax credits claimed under Conn. Gen. Stat.
year (Column C).
§12-217i must be supported by schedules reflecting the details
of the computations, including the dates on which expenses
were paid or incurred.
Part II — Carryforward Credits from 1999
Line 18 - Enter the Research and Experimental Expenditures
Income Year
Credit as computed on Form CT-1120RC, Research and
Experimental Expenditures Credit.
This schedule enables an S corporation to account for any
credits that were earned in a preceding income year which
Line 19 - Enter the allowable Research and Development Credit
were not applied to or were in excess of the 1999 Connecticut
as computed on Form CT-1120 RDC, Research and
S corporation business tax. These credits will be applied to
Development Credit.
the 2000 S corporation business tax after first applying the
Line 20 - Enter the allowable Fixed Capital Investment Credit
credits calculated in Part I-A, Part I-B, and Part I-C. This
schedule only lists credits that have a carryforward provision.
as computed on Form CT-1120 FCIC, Fixed Capital
Investment Credit.
Enter in Part II, Lines 1 through 14, Column A, the total amount
Line 21 - Enter the allowable Human Capital Investment Credit
of carryforward credits from 1999.
as computed on Form CT-1120 HCIC, Human Capital
S corporations computing tax based on net income
Investment Credit.
(Form CT-1120S, Schedule A) multiply the amount in Column
A by 30% (.30) and enter the result in Column B.
Line 22 - Enter the allowable Insurance Reinvestment Fund
Credit as computed on Form CT-IRF, Insurance Reinvestment
S corporations computing tax based on capital
Fund Credit.
(Form CT-1120S, Schedule B) and those subject to the
minimum tax of $250, enter the amount from Column A
Line 23 - Enter the credit for the Small Business Administration
in Column B.
Guaranty Fee. This credit shall not reduce the corporation
Enter in Column C the amount actually applied to the
business tax below the minimum tax of $250.
S corporation business tax. Column C cannot exceed the
Line 24 - Enter the credit for Rehabilitation of Historic Homes.
amount from Part III, Line 8.
Attach a copy of the credit voucher issued by the Connecticut
Line 1 - Enter any available credit carryforward balance for
Historical Commission.
Air Pollution Abatement Facilities. Credits may be carried
Line 25 - Enter the credit for the Donation of Open Space
forward for nine successive income years. Attach a copy of
Land.
the approval letter issued by the Department of Environmental
Protection (DEP) or a copy of CERT-117, Certificate for
Line 26 - Add Lines 14 through 25 in Column A, Column B,
Purchases of Tangible Personal Property Incorporated into or
Column C, and Column D, and enter the totals in the spaces
Consumed in Air Pollution Control Facilities, or both.
provided.
Form CT-1120SK Instructions (Rev. 12/00)
Page 3 of 4
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