Form Ct-1120 Njc - New Jobs Creation Credit - Department Of Revenue Services - Connecticut
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1Department of Revenue Services
State of Connecticut
Form CT-1120 NJC
(New 12/06)
New Jobs Creation Credit
For Income Year
Beginning
, and Ending
Corporation Name
Connecticut Tax Registration Number
Complete Form CT-1120 NJC, New Jobs Creation Credit, to
Definitions
claim the credit allowed under 2006 Conn. Pub. Acts 186, §80.
A new job is defined as a job which did not exist prior to the
Attach it to Form CT-1120K, Business Tax Credit Summary.
application and which is filled by a person hired by the taxpayer
to fill a job which requires at least thirty-five or more hours per
Credit Computation
week, and which is not temporary or seasonal. The credit is
For income years beginning on or after January 1, 2006, a tax
allowed for taxpayers who create at least 50 new jobs.
credit for the creation of new jobs is available to an entity
subject to the corporation business tax under Chapter 208, the
Relocation to Connecticut means the taxpayer creating the
insurance premiums tax under Chapter 207, or the utilities
new job shall not have been conducting business in Connecticut
company tax under Chapter 212 of the general statutes not
prior to the taxpayer’s application to DECD for an eligibility
conducting business in Connecticut prior to relocation to
certificate.
Connecticut.
Additional Information
The credit allowed is an amount up to 25% of the income tax
Contact DECD, 505 Hudson Street, Hartford CT 06106, at
deducted and withheld from the wages of new employees and
860-270-8045; see Informational Publication 2006(15),
paid over to the state according to Chapter 229 of the general
Guide to Connecticut Business Tax Credits, or contact the
statutes. For each new employee, credits may be granted for
Department of Revenue Services, Taxpayer Services Division
five successive years.
at 1-800-382-9463 (Connecticut calls outside the Greater
Hartford calling area only) or 860-297-5962 (from anywhere).
The credit is claimed in the income year in which it is earned
and any credit not used in a tax year expire.
This credit is administered by the Commissioner of the
Department of Economic and Community Development
(DECD). To be entitled to claim the credit, an application for
an eligibility certificate must be submitted to DECD. The
total amount of credit granted to all taxpayers shall not exceed
$10 million in any one fiscal year.
This credit contains a recapture provision.
Complete this form in blue or black ink only.
Credit Computation
Enter the amount of income tax deducted and withheld from the wages of new
1.
1.
employees and paid over to the state for the current income year.
2.
Multiply Line 1 by 25% (.25).
2.
Tax credit (Enter amount from Line 2. Enter here and on Form CT-1120K, Part I-C,
3.
3.
Line 14, Column A.)
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