Schedule Ct-It Credit - Income Tax Credit Summary

Schedule CT-IT Credit Instructions

Tax Credits Applied to the Income Tax

Since the carryforward period for each tax credit

varies, the taxpayer must decide how to apply the

Liability

Individuals, Trusts, or Estates

tax credits with a carryforward provision based on

Attach Schedule CT-IT Credit, Income Tax Credit

Tax Credits Without a Carryforward Provision

the remaining carryforward period. For example, if

Summary, to Form CT-1040, Connecticut Resident

The job expansion tax credit, which does not have a

the insurance reinvestment fund tax credit has only

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

carryforward provision, is applied ﬁ rst.

a two-year carryforward period remaining and the

Nonresident or Part-Year Resident Income Tax Return,

angel investor tax credit has a ﬁ ve-year carryforward

You must complete Form CT-1120 JET, Job

Form CT-1040X, Amended Connecticut Income Tax

period remaining, the taxpayer may choose to apply

Expansion Tax Credit, to determine the amount of

Return for Individuals, or Form CT-1041, Connecticut

the insurance reinvestment fund tax credit ﬁ rst.

allowable credit if you:

Income Tax Return for Trusts and Estates, whenever

Attach Form CT-IRF, Insurance Reinvestment Fund

• Are a single member limited liability company that

tax credits from the current taxable year are being

Tax Credit, to Form CT-1040, Form CT-1040NR/PY,

claimed or carryforward tax credit balances exist from a

is disregarded as an entity separate from its owner;

Form CT-1040X, or Form CT-1041 if a paper return

and

prior year. Keep a copy of the document(s) reporting

is ﬁ led.

the amount of your available credit for your records.

• Have received a certification letter from the

The amount of the tax credit is limited to the taxpayer’s

Credit for Prior Year Connecticut Minimum

Department of Economic and Community

income tax liability.

Tax

Development (DECD) indicating that you have the

the job expansion tax credit available to be claimed.

Trusts or estates may allocate all or a portion of the

A credit for a prior year alternative minimum tax

credit(s) to the beneﬁ ciary(ies). If all or a portion

may be allowed if you do not have a current year

Keep a copy of Form CT-1120 JET for your records.

of the credit(s) is allocated to the beneﬁ ciary(ies),

alternative minimum tax liability. Attach Form CT-8801,

You may be asked to provide a copy to the Department

the trust or estate must complete Worksheet B -

Credit for Prior Year Connecticut Minimum Tax for

of Revenue Services (DRS) at a later date.

Worksheet for Schedule CT-IT Credit (found in the

Individuals, Trusts, or Estates, to Form CT-1040, Form

Form CT-1041 instruction booklet). The amount

CT-1040NR/PY, Form CT-1040X, or Form CT-1041 if

Tax Credits With Limited Carryforward

of the tax credit allocable to the trust or estate

a paper return is ﬁ led.

Provisions

on Worksheet B - Worksheet for Schedule CT-IT

If an income tax liability remains after the application

These forms can be downloaded from the DRS

Credit, Line 6, Column D, is the amount earned for

of the tax credit without a carryforward provision,

website at

purposes of Column C of this schedule.

the angel investor tax credit and the insurance

Additional information about Connecticut income tax

reinvestment fund tax credit are applied. Any angel

investor or insurance reinvestment fund tax credit

credits is available in Special Notice 2010(3), 2010

balance that remains after applying the tax credits to

Legislative Changes Affecting the Income Tax, Special

Notice 2012(6), 2012 Legislative Changes Affecting

the current year income tax liability may be carried

the Income Tax, and Special Notice 2013(7), 2013

forward if the period for claiming the tax credit has

not expired.

Legislative Changes Affecting the Income Tax.

Schedule CT-IT Credit (Rev. 12/15)

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Schedule Ct-It Credit - Income Tax Credit Summary - 2015 Page 3

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