Form Ct-1120 Fcic - Fixed Capital Investment Tax Credit - 2013
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1
2Department of Revenue Services
2013
Form CT-1120 FCIC
State of Connecticut
Fixed Capital Investment Tax Credit
(Rev. 12/13)
For Income Year Beginning: _______________________ , 2013 and Ending: ________________________ , _________ .
Connecticut Tax Registration Number
Corporation name
Complete this form in blue or black ink only.
Recapture Provision
• If the fixed capital on account of which a corporation
Use Form CT-1120 FCIC to claim the credit allowed under
Conn. Gen. Stat. §12-217w. Attach it to Form CT-1120K,
claimed the credit is not held and used in Connecticut in
Business Tax Credit Summary.
the ordinary course of the corporation’s trade or business
in Connecticut for three full years following its acquisition,
Required Attachment
the corporation must recapture 100% of the amount of
the credit allowed on its corporation business tax return
This form must be accompanied by a detailed schedule that
required to be filed for the income year immediately
identifies the fixed capital acquired, date of acquisition, cost
succeeding the income year during which the three-year
of the fixed capital, class life, location where the fixed capital
period expires.
is used in Connecticut, and from whom the fixed capital was
acquired.
• If the fixed capital on account of which a corporation
Expenditures claimed for this credit cannot be claimed in
claimed the credit is not held and used in Connecticut in
connection with any other corporation business tax credit.
the ordinary course of the corporation’s trade or business
in Connecticut for five full years following its acquisition,
Definitions
the corporation must recapture 50% of the amount of
the credit allowed on its corporation business tax return
Fixed capital is defined as tangible personal property that:
required to be filed for the income year immediately
• Has a class life of more than four years, as described
succeeding the income year during which the five-year
period expires.
under IRC §168(e);
• Is purchased from a person other than a related person;
• The recapture provisions do not apply if the property that
is the subject of the tax credit is replaced.
• Is not acquired to be leased, and is not leased to another
person during the 12 months following its acquisition; and
Additional Information
• Will be held and used in Connecticut by a corporation in
See the Guide to Connecticut Business Tax Credits
the ordinary course of the corporation’s trade or business
available on the Department of Revenue Services
in Connecticut for not less than five full years following its
(DRS) website at , or contact DRS at
acquisition.
1-800-382-9463 (Connecticut calls outside the Greater
Fixed capital does not include inventory, land, buildings or
Hartford calling area only) or 860-297-5962 (from anywhere).
structures, or mobile transportation property.
Mobile transportation property is any transport equipment
designed to move or convey people or property from one
place to another, including but not limited to: trucks; buses;
forklifts; snowplows; or certain construction equipment such
as backhoes, bulldozers, cement mixers, and loaders.
Part I - Credit Computation
Enter fixed capital investment expenditures made during the income year.
1.
1.
Attach detailed schedule.
Enter fixed capital expenditures from Line 1 that were applied against any other
2.
2.
corporation business tax credit.
3.
Subtract Line 2 from Line 1.
3.
Tax credit: Multiply Line 3 by 5% (.05). Enter here and on Form CT-1120K,
4.
4.
Part I-D, Column B.
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