Instructions For Form Ct-1120 - Connecticut Corporation Business Tax

Line 2 - Corporations, other than air carriers, enter

Line 5 - Enter the total tax credits applied from

the apportionment fraction from Form CT-1120A,

Form CT-1120K, Business Tax Credit Summary,

Schedule S, Line 3, Column C. Air carriers enter the

Part II, Line 11. Do not exceed the amount on Line 4.

amount from Form CT-1120A-A, Schedule R-A, Line 5.

L i n e 7 ( a ) - E n t e r t h e a m o u n t p a i d w i t h

The fraction must be expressed as a decimal and carried

Form CT-1120 EXT.

to six places.

L i n e 7 ( b ) - E n t e r t h e a m o u n t ( s ) p a i d w i t h

Line 3 - Enter the amount from Line 1 multiplied by

Form CT-1120 ESA, ESB, ESC, or ESD.

Line 2, or enter the amount from Line 1, if not entitled

Line 7(c) - Enter the amount of any overpayment

to apportion.

from the prior year.

Line 4 - Enter the number of months the corporation

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

carried on business or had the right to carry on business

Line 9(a) - Enter penalty if applicable. See Interest

in Connecticut, whichever is greater. A fractional part of

and Penalties.

a month is counted as a full month.

Line 6 - Multiply Line 5 by 0.31%. The maximum tax

Line 9(b) - Enter interest due on tax not paid by the

original due date. See Interest and Penalties.

for Schedule B is $1 million.

Line 9(c) - Enter interest due on underpayment of

Schedule C - Computation of Amount

estimated tax. Complete and attach Form CT-1120I.

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

Payable

Line 10(a) - Enter the amount of overpayment to be

Connecticut tax payments made by a pass through entity

credited to 2013 estimated tax.

on behalf of its corporate partner cannot be claimed on

Form CT-1120, Schedule C. Refunds for such payment

The overpayment will be treated as estimated tax paid on

the fifteenth day of the third month (March 15 for calendar

can be claimed by the pass through entity amending its

year filers), if the tax return is filed on time or if the tax

Form CT-1065/CT-1120SI, Connecticut Composite

return is filed within the extension period if a timely

Income Tax Return.

request for extension was filed. A request to apply an

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

Schedule B, Line 6; or $250, whichever is greater.

overpayment to the following income year is irrevocable.

Q&A on Estimated Corporation

See IP 2012(10),

Line 1(b) - Multiply Line 1a by 20%. If the amount

Business Tax and Worksheet CT-1120AE.

on Line 1a is $250 or the amount on federal Form 1120,

Line 11 is less than $100 million, enter “0.”

Line 10(b) - Enter the amount of overpayment to be

refunded.

Line 1(c) - Enter the total tax credit that must be

Lines 10(c) through 10(e) – Get the refund faster by

recaptured. The following tax credits are subject to

choosing direct deposit. Complete Lines 10c, 10d, and

recapture:

10e to have the refund directly deposited into a checking

• Historic Preservation

or savings account.

• Fixed Capital Investment

• Insurance Reinvestment

No. 101

Name of Depositor

Date

Street Address

• New Jobs Creation

City, State, Zip Code

Pay to the

Order of

• Urban and Industrial Site Reinvestment

In most cases, other than the Fixed Capital Investment

Name of your Bank

tax credit, the corporation will have been advised by

Street Address

City, State, Zip Code

the agency administering the tax credit that recapture is

required. A corporation is required to recapture the Fixed

092125789

091 025 025413

0101

Capital Investment tax credit when the fixed capital is

Account Number

not held and used in Connecticut by the corporation

Routing Number

for five full years following its acquisition. See

Enter the nine-digit bank routing number and the bank

Form CT-1120 FCIC, Fixed Capital Investment Tax

account number in Lines 10d and 10e. The bank routing

Credit, to calculate the amount of tax credit that must be

number is normally the first nine-digit number printed on

recaptured. See Informational Publication 2010(13),

the check or savings withdrawal slip. The bank account

Guide to Connecticut Business Tax Credits.

number generally follows the bank routing number. Do

Line 2 – Multiply Line 1 by 30%. If the corporation

not include the check number as part of the account

has an average monthly net employment gain of greater

number. Bank account numbers can be up to 17 characters.

than zero as calculated on Form CT-1120 TCE, multiply

Line 1 by 30% and then subtract the amount from Form

CT-1120 TCE, Line 16.

Page 12

Instructions For Form Ct-1120 - Connecticut Corporation Business Tax - 2012 Page 12

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