Form Ct-1120rc - Research And Experimental Expenditures Tax Credit - 2015

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Department of Revenue Services
2015
Form CT-1120RC
State of Connecticut
Research and Experimental Expenditures Tax Credit
(Rev. 12/15 )
For Income Year Beginning: _______________________ , 2015 and Ending: ________________________ , _________ .
Corporation name
Connecticut Tax Registration Number
Complete this form in blue or black ink only.
Qualifying expenditures include but are not limited to:
Expenditures incurred in connection with the taxpayer’s trade or
Use Form CT-1120RC to claim the credit available under Conn. Gen.
business that represent research and development costs in the
Stat. §12-217j equal to 20% of the incremental increase in research
experimental or laboratory sense;
and experimental expenditures that are conducted in Connecticut.
Attach it to Form CT-1120K, Business Tax Credit Summary.
All costs incurred in the development of an experimental or pilot
model, a plant process, a product, a formula, an invention, or
Required Attachment
similar property, and the improvement of already existing property
of the type mentioned; and
This form must be accompanied by a detailed schedule that identifi es
the location in Connecticut where the research and experimentation
Costs of obtaining a patent, such as attorney’s fees expended in
making and perfecting a patent application.
was conducted and the amounts spent directly on research and
experimentation in the current income year and in the previous
Credit Computation
income year.
The credit is equal to 20% of the amount spent by the corporation
Defi nitions
directly on Connecticut research and experimental expenditures that
exceeds the amount spent by that corporation on those expenditures
Connecticut research and experimental expenditures are
during the previous income year.
those that may be deducted under §174 of the Internal Revenue
Code of 1986 and related regulations. Only amounts spent directly
Additional Information
on such research and experimental expenditures will be allowed.
Overhead and other expenses, including general and administrative
See the Guide to Connecticut Business Tax Credits available
expenses, which relate to a corporation’s activities as a whole and
on the Department of Revenue Services (DRS) website at
not specifi cally to the research and experimental effort will not qualify.
, or contact DRS at 1-800-382-9463 (Connecticut
calls outside the Greater Hartford calling area only) or 860-297-5962
(from anywhere).
Part I - Credit Computation
Enter the amount of Connecticut research and experimental expenditures for the 2015
1.
00
1.
income year. Attach detailed schedule.
Enter the amount of Connecticut research and experimental expenditures for the 2014
2.
00
2.
income year. Attach detailed schedule.
Balance: Subtract Line 2 from Line 1.
3.
3.
00
If zero or less, the corporation is not eligible for this credit.
Tax credit: Multiply Line 3 by 20% (.20). Enter here and on Form CT-1120K,
4.
4.
00
Part I-C, Column B.
Exchange of Tax Credit
Application Procedure
A taxpayer whose gross income does not exceed $70 million and
Complete Form CT-1120 XCH and submit it with the original return:
who cannot take the credit as a result of having no tax liability
Form CT-1120, Corporation Business Tax Return; Form CT-1120U,
under the corporation business tax may elect to carry 100% of the
Unitary Corporation Business Tax Return; or Form CT-1120CR,
credit forward or may be eligible to exchange the credit with the
Combined Corporation Business Tax Return.
state for a credit refund equal to 65% of its value, subject to certain
Visit the DRS website at to download forms and
limitations. See Conn. Gen. Stat. §12-217ee. See Form CT-1120
publications.
XCH, Application for Exchange of Research and Development or
Research and Experimental Expenditures Tax Credits by a Qualifi ed
Carryforward
Small Business, for eligibility.
Any remaining credit balance that exceeds the credit applied or
Only tax credits earned in the current year and entitled to be claimed
exchanged may be carried forward for 15 income years. No carryback
in the current year may be exchanged.
is allowed.

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