Form Ct-1120u - Unitary Corporation Business Tax Return Instructions

Line Instructions

Schedule C - Computation of Amount Payable

Line 1a - Enter the amount from Schedule A, Line 6; Schedule B,

Rounding Off to Whole Dollars

Line 6; or the minimum tax calculation, whichever is greatest.

You must round off cents to the nearest whole dollar on your return

Line 1b - If Line 1a is the minimum tax calculation, enter zero (0).

and schedules. If you do not round to whole dollars, DRS will

Otherwise, multiply Line 1a by 20%.

disregard the cents.

Line 1c - Enter the total tax credit that must be recaptured. The

Round down to the next lowest dollar all amounts that include

following tax credits are subject to recapture:

1 through 49 cents. Round up to the next highest dollar all amounts

that include 50 through 99 cents. However, if you need to add two

•

Historic Preservation

or more amounts to compute the amount to enter on a line, include

•

Fixed Capital Investment

cents and round off only the total.

•

Insurance Reinvestment

•

New Jobs Creation

Example: Add two amounts ($1.29 + $3.21) to compute the total

•

Urban and Industrial Site Reinvestment

($4.50) to enter on a line. $4.50 is rounded to $5.00 and entered

on the line.

In most cases, other than the Fixed Capital Investment tax credit,

the corporation will have been advised by the agency administering

Minimum Tax Calculation

the tax credit that recapture is required.

Each corporation included in the unitary group is subject to the $250

A corporation is required to recapture the Fixed Capital Investment

minimum tax. Enter the total number of corporations in the unitary

tax credit when the fixed capital is not held and used in Connecticut

return. Multiply Line 1 by $250 and enter the result on Line 2. This

by the corporation for five full years following its acquisition. See

is the minimum tax.

Form CT-1120 FCIC, Fixed Capital Investment Tax Credit, to

Schedule A - Computation of Tax on Net Income

calculate the amount of tax credit that must be recaptured. See

Line 2 - Enter a single apportionment fraction for all the corporations

the Guide to Connecticut Business Tax Credits available on the

Department of Revenue Services (DRS) website at

included in the unitary group calculated using all such corporations’

property, payroll, and double weighted gross receipts, as reported on

Line 2 - Multiply Line 1 by 30%.

Form CT-1120A, Corporation Business Tax Return Apportionment

Line 5 - Enter the total tax credits applied from Form CT-1120K,

Calculation, Schedule R, Line 6. The fraction must be expressed

Business Tax Credit Summary, Part II, Line 11. Do not exceed the

as a decimal and carried to six places.

amount on Line 4. Carryforward credits from pre-unitary filing years

Line 3 - Enter the amount from Line 1 multiplied by Line 2, or enter

cannot be used.

the amount from Line 1, if not entitled to apportion.

Line 7a - Enter the amount paid with Form CT-1120 EXT.

Line 4 - If this is the group’s first year filing a unitary return, no net

Line 7b - Enter the amount(s) paid with Form CT-1120 ESA, ESB,

operating loss carryovers are allowed.

ESC, or ESD.

If this is not a first year unitary filing, enter the amount of any unused

Line 7c - Enter the amount of any overpayment from the prior year.

unitary losses from Form CT-1120 ATT, Corporation Business Tax

Return Attachment, Schedule H, Line 14, Column D, attributable

Line 7 - Add Lines 7a, 7b, and 7c.

to Connecticut business operations as reported in years ending

Line 9a - Enter penalty if applicable. See Interest and Penalties.

December 31, 2000, and thereafter.

Line 9b - Enter interest due on tax not paid by the original due date.

Net operating losses incurred for income years beginning on or after

See Interest and Penalties in the instructions for Form CT-1120,

January 1, 2000, may be carried forward for 20 successive income

Corporation Business Tax Return.

years. Losses may not be carried back. The loss entered here is

Line 9c - Enter interest due on underpayment of estimated tax.

limited to the loss attributed to Connecticut according to the method

Complete and attach Form CT-1120I.

of apportionment prescribed in Conn. Gen. Stat. §12-218(c).

Line 9 - Add Lines 9a, 9b, and 9c.

Schedule B - Computation of Minimum Tax on Capital

Line 10a - Enter the amount of overpayment to be credited to 2014

The unitary group must calculate the capital tax base under Conn.

estimated tax.

Gen. Stat. §12-219 on a unitary basis.

The overpayment will be treated as estimated tax paid on the fifteenth

Line 2 - Enter the apportionment fraction from Form CT-1120A,

day of the third month (March 15 for calendar year filers), if the tax

Schedule S, Line 3, Column C. The fraction must be expressed as

return is filed on time or if the tax return is filed within the extension

a decimal and carried to six places.

period if a timely request for extension was filed. A request to apply

Line 3 - Enter the amount from Line 1 multiplied by Line 2, or enter

an overpayment to the following income year is irrevocable.

the amount from Line 1 if not entitled to apportion.

See IP 2013(18), Q&A on Estimated Corporation Business Tax and

Line 4 - Enter the number of months the unitary group carried

Worksheet CT-1120AE.

on business or had the right to carry on business in Connecticut,

Line 10b - Enter the amount of overpayment to be refunded.

whichever is greater. A fractional part of a month is counted as a

Lines 10c through 10e - Get the refund faster by choosing direct

full month.

deposit. Complete lines 10c, 10d and 10e to have the refund directly

Line 5 - Multiply Line 3 by Line 4. Divide the result by 12 and enter

deposited into a checking or savings account.

the amount.

Form CT-1120U Instructions (Rev. 12/13)

Page 4 of 6

Form Ct-1120u - Unitary Corporation Business Tax Return Instructions - 2013 Page 4

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