Form Ct-1120 Xch - Connecticut Application For Exchange Of Research And Development Or Research And Experimental Expenditures Tax Credits By A Qualifi Ed Small Business - 2015

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Department of Revenue Services
2015
Form CT-1120 XCH
State of Connecticut
(Rev. 12/15)
Application for Exchange of Research and Development or Research
and Experimental Expenditures Tax Credits by a Qualifi ed Small Business
For Income Year Beginning: _______________________ , 2015 and Ending: ________________________ , _________ .
Company name
Connecticut Tax Registration Number
Complete this form in blue or black ink only.
Defi nitions
Use Form CT-1120 XCH to exchange with the State of Connecticut
Qualified Small Business for the purposes of the tax credit
any tax credit under Conn. Gen. Stat. §§12-217j or 12-217n for a
exchange means a company that has gross income for the previous
credit refund equal to 65% of the value of the credit. A taxpayer
income year that does not exceed $70 million and has not met this
may receive a credit refund of not more than $1.5 million in any one
test through transactions with a related person.
income year. See Conn. Gen. Stat. §12-217ee.
Gross Income means gross income as defi ned by the Internal
This form must be attached to Form CT-1120, Corporation Business
Revenue Code including any interest or exempt interest dividends,
Tax Return; Form CT-1120U, Unitary Corporation Business Tax
but not including dividends received by a domestic United States
Return; or Form CT-1120CR, Combined Corporation Business Tax
corporation from a foreign corporation on account of foreign taxes
Return, on or before the due date or, if applicable, the extended
deemed paid when the domestic corporation elects the foreign tax
due date of the year’s return. No application for refund of the tax
credit or dividends received directly or indirectly from a passive
credit may be made after the due date or extended due date of
investment company.
the return.
Related Person means a corporation, partnership, association,
or trust controlled by the corporation; an individual, corporation,
Eligibility
partnership, association, or trust that is in control of the corporation;
In order to be eligible for a credit refund, a taxpayer must have no
a corporation, partnership, association, or trust controlled by an
corporation business tax liability. For purposes of this tax credit
individual, corporation, partnership, association, or trust that is
refund, payment of a capital base tax under Conn. Gen. Stat.
in control of the corporation; or a member of the same controlled
§12-219 in a year that the taxpayer reports no net income as defi ned
group as the corporation.
in Conn. Gen. Stat. §12-213, or payment of the $250 minimum
Additional Information
tax under Conn. Gen. Stat. §§12-219 or 12-223c, shall not be
considered a liability.
Contact the Department of Revenue Services at 1-800-382-9463
(Connecticut calls outside the Greater Hartford calling area only)
Check the appropriate box on Form CT-1120, Form CT-1120U,
or 860-297-5962 (from anywhere).
or Form CT-1120CR and attach this form and Form CT-1120RC,
Research and Experimental Expenditures Tax Credit, or Form
CT-1120 RDC, Research and Development Expenditures Tax
Credit, to the original return for the above income year. This form
must be completed in its entirety.
Part I - Eligibility Criteria
Does the company report no net income or pay the $250 minimum tax on Form CT-1120,
1.
Yes
No
Schedule C, Line 1a? If Yes, the company may be eligible to obtain a tax credit refund.
Did the company engage in transactions with related persons during the 2015 income year?
If Yes, identify the related persons, their gross incomes, their relationship to the company, and
provide an organizational chart of related persons in which the company is a member. Also attach a
2.
Yes
No
separate schedule describing each of the company’s transactions with these related persons during
the 2015 income year, the gross income of the company derived from each of these transactions,
and the dates of these transactions.
Enter the total gross income of the company for the previous income year from all sources, including
the total gross income of the company derived from transactions with related persons, as noted
above.
$
.00
3.
The gross income of the company should be annualized if this application is for a short
period. If the total gross income of the company for the previous income year exceeds
$70 million, the company is not eligible for an exchange of tax credits. Do not check the applicable
box on Form CT-1120, Form CT-1120U, or Form CT-1120CR.
Does the company or its combined group, on the date of this application, have any taxes due and
unpaid to the State of Connecticut including interest, penalties, fees, and other related charges? If
4.
Yes
No
Yes, attach a schedule that describes the nature and amounts of any unpaid taxes.

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