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Part II Tax Credits Reported by Pass-Through Entity on Schedule CT K-1 or by a Trust or Estate on Schedule CT-1041 K-1

Column A

Column B

Column C

Column D

Type of Tax Credit

Name of Pass-Through Entity or Trust

FEIN

Amount of Credit

































Total tax credits reported by a pass-through entity from supplemental schedule (as applicable)

Schedule CT-IT Credit Instructions

Additional information about Connecticut income tax

qualiﬁ ed small business job creation tax credit or the

credits is available in Special Notice 2010(3), 2010

job expansion tax credit available to be claimed.

Individuals, Trusts, or Estates

Legislative Changes Affecting the Income Tax, Special

Keep a copy of Form CT-1120 SBJ or Form CT-1120 JET,

Attach Schedule CT-IT Credit, Income Tax Credit

Notice 2012(6), 2012 Legislative Changes Affecting

or both, for your records. You may be asked to provide

Summary, to Form CT-1040, Connecticut Resident

the Income Tax, and Special Notice 2013(7), 2013

a copy to the Department of Revenue Services (DRS)

Income Tax Return, Form CT-1040NR/PY, Connecticut

Legislative Changes Affecting the Income Tax.

at a later date.

Nonresident or Part-Year Resident Income Tax Return,

The Vocational Rehabilitation Job Creation Tax Credit

Form CT-1040X, Amended Connecticut Income Tax

Tax Credits With Limited Carryforward Provisions

has expired. You may not claim this credit for taxable

Return for Individuals, or Form CT-1041, Connecticut

If an income tax liability remains after the application

year 2014.

Income Tax Return for Trusts and Estates, whenever

of the tax credits without a carryforward provision,

tax credits from the current taxable year are being

Tax Credits Applied to the Income Tax

the angel investor tax credit and the insurance

claimed or carryforward tax credit balances exist from a

reinvestment fund tax credit are applied. Any angel

Liability

prior year. Keep a copy of the document(s) reporting

investor or insurance reinvestment fund tax credit

the amount of your available credit for your records.

Tax Credits Without a Carryforward Provision

balance that remains after applying the tax credits to

The amount of the tax credit is limited to the taxpayer’s

The qualiﬁ ed small business job creation tax credit and

the current year income tax liability may be carried

income tax liability.

the job expansion tax credit, which have no carryforward

forward if the period for claiming the tax credit has

provision, are applied ﬁ rst.

Trusts or estates may allocate all or a portion of the

not expired.

credit(s) to the beneﬁ ciary(ies). If all or a portion

You must complete Form CT-1120 SBJ, Small

Since the carryforward period for each tax credit

of the credit(s) is allocated to the beneﬁ ciary(ies),

Business Job Creation Tax Credit, or Form

varies, the taxpayer must decide how to apply the

the trust or estate must complete Worksheet B -

CT-1120 JET, Job Expansion Tax Credit, or both,

tax credits with a carryforward provision based on

Worksheet for Schedule CT-IT Credit (found in the

to determine the amount of allowable credit if you:

the remaining carryforward period. For example, if

Form CT-1041 instruction booklet). The amount

• Are a single member limited liability company that is

the insurance reinvestment fund tax credit has only

of the tax credit allocable to the trust or estate

disregarded as an entity separate from its owner; and

a two-year carryforward period remaining and the

on Worksheet B - Worksheet for Schedule CT-IT

angel investor tax credit has a ﬁ ve-year carryforward

• Have received a certification letter from the

Credit, Line 6, Column D, is the amount earned for

period remaining, the taxpayer may choose to apply

Department of Economic and Community

purposes of Column C of this schedule.

the insurance reinvestment fund tax credit ﬁ rst.

Development (DECD) indicating that you have the

Schedule CT-IT Credit (Rev. 12/14)

Page 2 of 3

Schedule Ct-It Credit - Income Tax Credit Summary - Connecticut Department Of Revenue - 2014 Page 2

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