Form Ct-1120 Ext - Application For Extension Of Time To File Corporation Business Tax Return - 2012 Page 3
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3A separate Form CT-1120 EXT must be filed for each corporation
Credit Against Estimated Payments
with Connecticut nexus that has not made such an election. Such
An overpayment of tax liability for 2012 will be applied against
corporations may still elect to file as part of a Form CT-1120CR or
the first installment of estimated tax due in 2013 if the taxpayer
Form CT-1120U up until the extended due date.
timely files a completed Form CT-1120, Form CT-1120CR, or Form
CT-1120U and elects to apply an overpayment from 2012 against
Affiliated corporations without Connecticut nexus that have not
its 2013 estimated tax.
previously made an election to be included in a Form CT-1120U
do not need to file a Form CT-1120 EXT. Such corporations may
Limit on Credits
still elect to file as part of a Form CT-1120U up until the extended
In most cases, the amount of tax credit(s) otherwise allowable against
due date of the related corporations with which it may file.
the corporation business tax for any income year shall not exceed
70% of the amount of tax due under the corporation business tax prior
Signature
to the application of tax credits. However, a corporation can
An officer of the corporation must sign this form.
exceed the 70% limitation if the corporation has an average
monthly net employment gain of greater than zero as calculated
Paid Preparer Signature
on Form CT-1120 TCE, Tax Credit Cap Expansion.
A paid preparer must sign and date Form CT-1120 EXT. Paid
preparers must also enter their Social Security Number (SSN) or
Minimum Tax
Preparer Tax Identification Number (PTIN) and their firm’s FEIN
No tax credit allowed against the corporation business tax shall
in the spaces provided.
reduce a company’s minimum tax to an amount less than $250.
Others Who May Sign
Tax Credit Recapture
Anyone (including attorneys, accountants, and enrolled agents)
If the corporation is subject to recapture of tax credits, include the
with a signed Power of Attorney may sign for the corporation in
tax credit recapture amount in the total tax for the current income
place of a corporate officer.
year.
Line Instructions
Surtax
Line 1 - Enter the tax due for the current income year without
For income years beginning on or after January 1, 2012, and prior
regard to surtax or recapture. Include additional $250 tax for each
to January 1, 2014, companies whose gross income equals or
company included in the return and any amount of preference
exceeds $100 million or who file as part of a combined or unitary
tax due.
return must pay a surtax of 20% of the tax without regard to credits
Line 2 - Enter the surtax amount due. Taxpayers filing Form
and tax credit recapture. The surtax does not apply to the minimum
CT-1120U, Form CT-1120CR, or those with gross income of
tax of $250.
$100 million or more, multiply Line 1 by 20% and enter the result.
Special Instructions - Combined or Unitary Tentative
If Line 1 is $250, enter “0.” Taxpayers with less than $100 million
Corporation Business Tax Return
of gross income (from federal Form 1120, Line 11, amount in box
Affiliated corporations should file one Form CT-1120 EXT covering
at the top of Form CT-1120), that are not included in a return filed
all such corporations, if they:
on Form CT-1120CR or Form CT-1120U, enter “0.”
Line 3 - Add Line 1 and Line 2. Include tax credit recapture, if
1.
Elected to file as part of a Form CT-1120CR, Combined
Corporation Business Tax Return, or Form CT-1120U,
applicable.
Line 4 - Multiply Line 3 by 30% (.30). If the corporation has an
Unitary Corporation Business Tax Return in a prior income
year and have not subsequently revoked such election; or
average monthly net employment gain of greater than zero as
calculated on Form CT-1120 TCE, multiply Line 3 by 30% and then
2.
Elect to file as part of a Form CT-1120CR or Form CT-1120U
subtract the amount on Form CT-1120 TCE, Line 16.
for the first time in the current income year and attach a Form
Line 13 - Subtract Line 12 from Line 9.
CT-1120CC, Combined Return Consent for each affiliated
corporation to Form CT-1120 EXT.
Page 3 of 3
Form CT-1120 EXT (Rev. 12/12)
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