Instruction For Form Ct-40- Claim For Alternative Fuels Credit (Page 4 of 4) in pdf

Page 4 CT-40-I (8/99)

(3) the taxpayer receiving the credit sells or disposes of the

the transferee. The transferee is responsible for any credit recapture

property and knows or has reason to know that the property will

if the transferor disposes of the property or if the transferor’s

be used in a manner described in (1) or (2) above.

property on which the credit was allowed ceases to qualify.

Section VI - Election to transfer credits

All credit transfers must be made on a vehicle-by-vehicle (or

refueling property) basis. Taxpayers must keep adequate records of

(Article 9-A taxpayers only)

all vehicles and property which are the basis for any transferred

Article 9-A taxpayers may elect to transfer their unused alternative

credit(s).

fuels credit to an Article 9-A affiliate. For purposes of this credit,

Part A - Alternative fuels credits received from

an affiliate means

affiliates

•

a parent corporation, where the parent owns or controls, directly

Enter the amount of alternative fuels credits that were received

or indirectly, 80% or more of the taxpayer’s capital stock, or

from affiliated Article 9-A taxpayers. Include the transferor

•

a subsidiary corporation, where the taxpayer owns or controls,

affiliate’s tax year in which the credit arose, the name and employer

directly or indirectly, 80% or more of the subsidiary’s capital

ID number of the transferor, and the amount of credits you are

stock, or

receiving.

•

a brother-sister corporation, where the same interests own or

Part B - Alternative fuels credits transferred to

control, directly or indirectly, 80% or more of both the

affiliates

corporation’s and the taxpayer’s capital stock.

Enter the amount of alternative fuels credits that were transferred

Both the transferor (affiliate transferring the credit) and the

to affiliated Article 9-A taxpayers. Include your tax year in which

transferee (affiliate receiving the credit) must consent to the

the credit arose, the name and employer ID number of the

election. Once the election is made, the credit becomes a credit of

transferee, and the amount of credits you are transferring.

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