Form Ct-1120 Fcic - Fixed Capital Investment Tax Credit - 2015
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1
2Department of Revenue Services
2015
Form CT-1120 FCIC
State of Connecticut
(Rev.
12/15
)
Fixed Capital Investment Tax Credit
For Income Year Beginning: _______________________ , 2015 and Ending: ________________________ , _________ .
Corporation name
Connecticut Tax Registration Number
Complete this form in blue or black ink only.
Recapture Provision
Use Form CT-1120 FCIC to claim the credit allowed under
• If the fi xed capital on account of which a corporation
Conn. Gen. Stat. §12-217w. Attach it to Form CT-1120K,
claimed the credit is not held and used in Connecticut in
Business Tax Credit Summary.
the ordinary course of the corporation’s trade or business
in Connecticut for three full years following its acquisition,
Required Attachment
the corporation must recapture 100% of the amount of
the credit allowed on its corporation business tax return
This form must be accompanied by a detailed schedule that
required to be filed for the income year immediately
identifi es the fi xed capital acquired, date of acquisition, cost
succeeding the income year during which the three-year
of the fi xed capital, class life, location where the fi xed capital
period expires.
is used in Connecticut, and from whom the fi xed capital was
acquired.
• If the fi xed capital on account of which a corporation
claimed the credit is not held and used in Connecticut in
Expenditures claimed for this credit cannot be claimed in
the ordinary course of the corporation’s trade or business
connection with any other corporation business tax credit.
in Connecticut for fi ve full years following its acquisition,
the corporation must recapture 50% of the amount of
Defi nitions
the credit allowed on its corporation business tax return
Fixed capital is defi ned as tangible personal property that:
required to be filed for the income year immediately
• Has a class life of more than four years, as described
succeeding the income year during which the fi ve-year
under IRC §168(e);
period expires.
• Is purchased from a person other than a related person;
• The recapture provisions do not apply if the property that
is the subject of the tax credit is replaced.
• Is not acquired to be leased, and is not leased to another
person during the 12 months following its acquisition; and
Additional Information
• Will be held and used in Connecticut by a corporation in
See the Guide to Connecticut Business Tax Credits
the ordinary course of the corporation’s trade or business
available on the Department of Revenue Services
in Connecticut for not less than fi ve full years following its
(DRS) website at , or contact DRS at
acquisition.
1-800-382-9463 (Connecticut calls outside the Greater
Fixed capital does not include inventory, land, buildings or
Hartford calling area only) or 860-297-5962 (from anywhere).
structures, or mobile transportation property.
Mobile transportation property is any transport equipment
designed to move or convey people or property from one
place to another, including but not limited to: trucks; buses;
forklifts; snowplows; or certain construction equipment such
as backhoes, bulldozers, cement mixers, and loaders.
Part I - Credit Computation
Enter fi xed capital investment expenditures made during the 2015 income year.
1.
1.
Attach detailed schedule.
Enter fi xed capital expenditures from Line 1 that were applied against any other
2.
2.
corporation business tax credit.
3.
Subtract Line 2 from Line 1.
3.
Tax credit: Multiply Line 3 by 5% (.05). Enter here and on Form CT-1120K,
4.
4.
Part I-C, Column B.
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