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Form CT-1120K Instructions

Complete this form in blue or black ink only.

If the tax credit carrybacks will expire at the same

• Community antenna television system companies

time, tax credits must be taken in the order in which

tax under Chapter 211;

Form CT-1120K, Business Tax Credit Summary, must

the corporation may receive the maximum beneﬁ t.

• Utility companies tax under Chapter 212; and

be attached to Form CT-1120, Corporation Business

2. Any tax credit that may not be carried back to a

Tax Return, or the applicable tax form whenever tax

• Public service companies tax under Chapter 212a.

preceding income year and that may not be carried

credits from the current income year are being claimed

If the taxpayer is claiming a tax credit against more

forward to a succeeding income year must be

or carryforward tax credit balances exist from a

than one tax type, a duplicate Form CT-1120K and

claimed next, in the order in which the corporation

prior year.

applicable tax credit forms must be attached to each

may receive the maximum beneﬁ t.

Taxpayers subject to the domestic and foreign insurance

tax return for which a tax credit is being claimed.

3. Any tax credit that may be carried forward to a

premiums tax and the health care centers tax must

Any tax credit balance that remains after applying the tax

succeeding income year must be claimed next.

complete Form CT-207K, Insurance / Health Care Tax

credits to the current year tax may be carried forward

Any tax credit carryforward that will expire ﬁ rst must

Credit Schedule, and attach it to Form CT-207, Insurance

or carried back as provided in the Connecticut General

be claimed before any tax credit carryforward that

Premiums Tax Return Domestic Companies; Form

Statutes, if the tax credit has not expired.

will expire later. If the tax credit carryforwards will

CT-207F, Insurance Premiums Tax Return Nonresident

expire at the same time, tax credits must be taken

Part I-A — Tax Credits With Carryback Provisions

and Foreign Companies; or Form CT-207HCC, Health

in the order in which the corporation may receive

Care Center Tax Return.

Enter in Column A all of the tax credits earned in

the maximum beneﬁ t.

2014 that have a carryback provision. The tax credits

Taxpayers subject to the personal income tax must

4. The Electronic Data Processing Equipment

indicated here are applied to the current year tax

complete Form CT-IT, Income Tax Credit Summary,

Property tax credit must be applied last, after all

and attach it to Form CT-1040, Connecticut Resident

ﬁ rst. Any remaining balance may be claimed against

other tax credits have been applied.

a preceding year tax by filing Form CT-1120X,

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

Limits on Credits: The amount of tax credits

Amended Corporation Business Tax Return, or the

Nonresident or Part-Year Resident Income Tax Return;

otherwise allowable against the corporation business

Form CT-1040X, Amended Connecticut Income Tax

appropriate amended tax return. If carrying forward a

tax for any income year generally shall not exceed

housing program contribution tax credit, also complete

Return for Individuals; or Form CT-1041, Connecticut

70% of the amount of tax due prior to the application

Part I-C.

Income Tax Return for Trusts and Estates.

of the tax credit.

Enter in Column B the amount actually applied to

Additional information about Connecticut tax credits

No tax credit can be applied against the minimum tax

is available in our online Guide to Connecticut

the corporation business tax. The total of Column B

Business Tax Credits available on the DRS website

of $250.

cannot exceed the amount in Part II, Line 1.

Form CT-1120K must be attached to the tax returns

Enter in Column C the amount applied to taxes

covered under the following Connecticut General

other than the corporation business tax. The total of

Corporation business tax credits must be applied in a

Statutes chapters, when tax credits from the current

Column C cannot exceed the amount in Part III,

speciﬁ c order, where a corporation is eligible to claim

income year are being claimed or when carryforward

more than one tax credit. In no event, however, shall

Line 1.

tax credit balances exist from the prior year:

any tax credit be claimed more than once. The order

Enter in Column D the amount of tax credit carried

is as follows:

• Corporation business tax under Chapter 208;

back to prior years.

1. Any tax credit that may be carried back to a

• Unrelated business income tax under Chapter 208a;

Line 1 - Enter the Neighborhood Assistance Act (NAA)

preceding income year must be applied before any

tax credit. Any remaining balance may be carried

• Air carrier tax under Chapter 209;

other tax credit. Any tax credit carryback that will

back to the two immediately preceding income years.

• Railroad companies tax under Chapter 210;

expire ﬁ rst must be claimed before any tax credit

Line 2 - Enter the Housing Program Contribution tax

carryback that will expire later.

Form CT-1120K (Rev. 12/14)

Page 5 of 6

Form Ct-1120k - Business Tax Credit Summary - Connecticut Department Of Revenue - 2014 Page 5

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