Instructions For Form Ct-1120sk - S Corporation Business Tax Credit Summary

Line 4 - Enter the Employer-Assisted Housing Credit computed

Line 12 - Enter the credit for Traffic Reduction Programs

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

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

copy of the Certificate of Compliance issued by CHFA must be

§12-217s. The Certificate of Eligibility issued by the Department

attached to and made a part of the tax return. If you are claiming

of Transportation must be attached to and made a part of the

a carryforward, complete Part I-D.

tax return.

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

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

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

Column C and enter the totals in the spaces provided.

PART I-C

PART I-D

TAX CREDITS WITHOUT CARRYBACK OR

TAX CREDITS WITH

CARRYFORWARD PROVISIONS

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

This schedule enables a corporation to account for any credits

that were earned in 1998 that can only be applied to the current

with carryforward provisions that were earned in 1998 which

year's corporation business tax. S corporations computing tax

are not applied to, or are in excess of, the 1998 Connecticut

based on net income (Form CT-1120S, Schedule A), multiply

corporation business tax.

the amount in Column A by 75% (.75) and enter the result in

Enter in Part I-D, Lines 16 through 21, Column A all of the

Column B.

credits that were earned in 1998 that have a carryforward

S corporations computing tax based on capital (Form

provision. S corporations computing tax based on net income

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

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

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

A by 75% (.75) and enter the result in Column B. S corporations

computing tax based on capital (Form CT-1120S, Schedule

Enter in Column C the amount actually applied to the corporation

B), and those subject to the minimum tax ($250), enter the

business tax. Column C cannot exceed the amount from

amount from Column A in Column B.

Part III, Line 6.

Enter in Column C the amount actually applied to the corporation

Line 6 - Enter the Apprenticeship Training Credit computed

business tax. Column C cannot exceed the amount from

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

Part III, Line 10.

Eligibility Certificate Form AT-45, issued by the Department of

Labor, must be attached to and made a part of the tax return.

Enter in Column D the difference between the amount of credit

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

Line 7 - Enter the 25% Manufacturing Facility Credit as

(Column C).

computed on Form CT-1120MC, 25% Manufacturing

Facility Credit for Facilities Located in a Targeted

Any credit balance that remains after applying the credits to the

Investment Community. Form UT-4, Certificate of Eligibility,

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

and Form UT-9, Claim for Corporation Business Tax Credit,

expired. The taxpayer must maintain a tax credit schedule for

both issued by the DECD, must also be attached to and made a

each credit item included in the carryforward balance. The

part of the tax return.

schedule must indicate the year in which the credit was originally

claimed and the income years to which the credit was carried

Line 8 - Enter the 50% Manufacturing Facility Credit as

forward.

computed on Form CT-1120 MCEZ, 50% Manufacturing

Facility Credit for Facilities Located in an Enterprise Zone

Line 14 - If you are claiming the Housing Program Contribution

or Entertainment District. Form UT-4, Certificate of Eligibility,

Credit, complete Part I-B, Line 3. Your carryforward amount

and Form UT-9, Claim for Corporation Business Tax Credit,

for the Housing Program Contribution Credit is the unused

both issued by the DECD, must also be attached to and made a

amount from Part I-B, Line 3. A copy of the tax credit voucher

part of the tax return.

issued by CHFA must be attached to and made a part of the tax

return.

Line 9 - For corporations other than biotechnology companies,

enter the Research and Experimental Expenditures Credit, as

Line 15 - If you are claiming the Employer-Assisted Housing

computed

Form

CT-1120RC,

Research

and

Credit, complete Part I-B, Line 4. Your carryforward amount

for the Employer-Assisted Housing Credit is the unused amount

Experimental Expenditures Credit, Part I, Line 4.

from Part I-B, Line 4. A copy of the certificate of compliance

Line 10 - Enter the credit for Research and Development

issued by CHFA must be attached to and made a part of the tax

Grants to Institutions of Higher Education, as computed on Form

return.

CT-1120GC, Grant Credit.

Line 16 - Enter the Opportunity Certificate Credit, as computed

Line 11 - Enter the Machinery and Equipment Expenditures

on Form CT-1120 OC, Opportunity Certificate Credit. A

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

copy of the tax credit approval letter issued by the Department

and Equipment Expenditures Credit.

of Social Services must be attached to and made a part of the

tax return.

Page 2

Form CT-1120SK Instructions (Rev. 12/98)

Instructions For Form Ct-1120sk - S Corporation Business Tax Credit Summary - 1998 Page 2

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