Form Ct-1120 Rdc - Research And Development Expenditures Tax Credit - 2012 Page 2
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3Tentative Tax Credit Rate Schedule
If Net Research and Development Expenses (Line 5) are:
The tentative tax credit allowed is:
$50 million or less
1% of Net Research and Development Expenses
$500,000 + 2% of amount over $50 million
more than $50 million but not more than $100 million
$1.5 million + 4% of amount over $100 million
more than $100 million but not more than $200 million
more than $200 million
$5.5 million + 6% of amount over $200 million
Part II - Research and Development Expenses Tax Credit Computation
1.
Allowable tentative tax credit for 2012 from Part I, Line 8
1.
00
1
2.
Multiply Line 1 by 33
/
% (.3333).
2.
00
3
3.
Enter the 2012 Connecticut corporation business tax liability or combined corporation business tax liability
due after the application of the total amount of Connecticut corporation business tax credits except the
Research and Development Expenditures tax credit.
3.
00
4.
Multiply Line 3 by 50% (.50).
4.
00
5a. Multiply Line 1 by two (2).
5a.
00
5b. Enter 90% (.90) of Line 3.
5b.
00
5.
Enter the lesser of Line 5a or Line 5b.
5.
00
6.
Enter the greater of Line 4 or Line 5.
6.
00
7.
2012 Research and Development Expenditures tax credit: Enter the lesser of Line 2 or Line 6 here and on
Form CT-1120K, Part I-D, Column B.
7.
00
Exchange of Tax Credit
Application Procedure
A taxpayer whose gross income does not exceed $70 million and
Complete Form CT-1120 XCH and submit it with the original return
who cannot take the credit as a result of having no tax liability under
(Form CT-1120, Corporation Business Tax Return; Form CT-1120U,
the corporation business tax, may elect to carry 100% of the credit
Unitary Corporation Business Tax Return; or Form CT-1120CR,
forward or may be eligible to exchange the credit with the state
Combined Corporation Business Tax Return). Visit the Department of
for a credit refund equal to 65% of its value. See Conn. Gen. Stat.
Revenue Services (DRS) website at to download
§12-217ee. See Form CT-1120 XCH, Application for Exchange
forms and publications.
of Research and Development or Research and Experimental
Expenditures Tax Credits by a Qualified Small Business, for
eligibility.
Only tax credits earned in the current year and entitled to be claimed
in the current year may be exchanged.
Form CT-1120 RDC (Rev. 01/13)
Page 2 of 3
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