Form Ct-1120dl - Donation Of Land Tax Credit - 2015 printable pdf download

Department of Revenue Services

2015

Form CT-1120DL

State of Connecticut

(Rev. 12/15)

Donation of Land Tax Credit

For Income Year Beginning: _______________________ , 2015 and Ending: ________________________ , _________ .

Corporation name

Connecticut Tax Registration Number

Complete this form in blue or black ink only.

Applicable to Credits Claimed in or after Income Year

2013

Use Form CT-1120DL to claim the credit allowed under Conn.

Gen. Stat. §12-217dd for the donation of open space land,

Any remaining tax credit balance that exceeds the tax credit

and to carry forward and utilize any remaining credit allowed

applied may be carried forward for 25 succeeding income

under Conn. Gen. Stat. §12-217ff for the donation of land

years. No carryback is allowed.

for educational use in prior income years. Attach this form to

Deﬁ nitions

Form CT-1120K, Business Tax Credit Summary.

Donation of open space land means the value of any land

Credit Computation

conveyed without ﬁ nancial consideration, or the value of any

discount of the sale price in any sale of land or any interest

Beginning in Income Year 2013, the donation of land for

in land, to the state, a political subdivision of the state, or a

educational use tax credit has been incorporated into

nonproﬁ t land conservation organization, where the land is to

the donation of open space land tax credit. Accordingly,

be permanently preserved as protected open space or used

donations of land for educational use in income year 2015

as a public water supply source.

should be included in Part I as applicable.

Donation of land for educational use means the value

A tax credit is allowed against the corporation business tax in

of any land or interest in land conveyed without ﬁ nancial

an amount equal to 50% of any donation of open space land

consideration, or the value of any discount of the sale price

or land for educational use. In order to qualify for the credit,

in any sale of land or interest in land, to any town, city, or

the land must be donated for educational use, permanently

borough, whether consolidated or unconsolidated, and any

preserved as protected open space, or used as a public water

school district or regional school district for the purposes of

supply source

schools and related facilities.

Use value means the fair market value of land at its highest

For purposes of calculating the credit, the amount of donation

and best use, as determined by a certified real estate

shall be based on the difference between the use value of the

appraiser.

donated land and the amount received for the land.

Additional Information

Carryforward/Carryback

See the Guide to Connecticut Business Tax Credits

Applicable to Credits Claimed Prior to Income Year 2013

available on the Department of Revenue Services

Any remaining donation of open space land tax credit balance

(DRS) website at , or contact DRS at

that exceeded the tax credit applied may be carried forward

1-800-382-9463 (Connecticut calls outside the Greater

for 25 succeeding income years.

Hartford calling area only) or 860-297-5962 (from anywhere).

Any remaining donation of land for educational use tax credit

balance that exceeded the tax credit applied may be carried

forward for 15 succeeding income years.

Part I - Credit Computation

1. Enter the value of any donation of open space land or donation of land for educational use.

2. Tax credit: Multiply Line 1 by 50% (.50). Enter the result here on Form CT-1120K, Part I-C, Column B.

Form Ct-1120dl - Donation Of Land Tax Credit - 2015

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