Instructions For Form Ct-1120cr - Combined Corporation Business Tax Return

• Respond to certain DRS notices that the corporation may

Enter on Line 2 and Line 3, Column B the combined totals of

all credit amounts from Form CT-1120K, Part I-B, Line 2 and

have shared with the preparer regarding math errors, offsets,

Line 3, Column D. This is the combined total of all tax credits

and return preparation. The notices will be sent to the

preparer.

which are being carried back to a preceding tax year. For credits

that also have a carryforward provision, complete Schedule

The corporation is not authorizing the paid preparer to receive

KC, Part I-D.

any refund check, bind the corporation to anything (including

additional tax liability), or otherwise represent the corporation

Part I-C - Tax Credits Without Carryback or Carryforward

before DRS. The authorization cannot be revoked. However,

Provisions

Enter on Lines 5 through 18, Column A the combined total of

the authorization will automatically end no later than the due

date (without regard to extensions) for filing the 2013 Combined

all credits applied to the current year corporation business tax

Corporation Business Tax Return. This is on or before the first

from Form CT-1120K, Part I-C, Column B, Lines 5 through 18.

day of the month following the due date of the company’s

Part I-D - Tax Credits With Carryforward Provisions

corresponding federal income tax return for the income year

Enter on Lines 20 through 33, Column A the combined total of

(April 1 for calendar year filers).

all tax credit carryforward amounts from previous income years.

Enter on Lines 21 through 33, Column B the current year credit

Schedule KC - Combined Tax Credits

amount claimed. Enter on Lines 20 through 33, Column C the

Schedule KC, Combined Tax Credits, must be completed

amount of tax credit applied to the corporation business tax for

whenever tax credits are claimed. This schedule contains the

the current year. Enter on Lines 20 through 33, Column D the

combined total of the tax credits which are claimed on Form

total available credit carryforward to 2013.

CT-1120K, Business Tax Credit Summary, by the parent

Part I-E - Electronic Data Processing Equipment

corporation and each affiliate in the group. Attach Form

Property Tax Credit

CT-1120K to Schedule KC for each corporation in the combined

Line 36 - Enter in Columns A through C the amount from

group claiming a business tax credit.

Form CT-1120K, Part I-E, Line 36, Columns A through C.

All applicable credit forms and schedules must be attached to

Enter in Column D the amount from Form CT-1120K, Part I-E,

this tax return. See Informational Publication 2010(13) for

Line 36, Column E.

additional information on Connecticut business tax credits.

Part II - Total Tax Credits Applied

Limit on Credits

This section enables a corporation to apply its tax credits in the

Generally, the amount of tax credits allowable against the

order required by Conn. Gen. Stat. §12-217aa. This section also

corporation business tax for any income year shall not exceed

allows for the limitation of the amount of tax credits otherwise

70% of the amount of total tax due prior to the application of

allowable against the corporation business tax. Enter on

the tax credits. However, for the 2012 income year, tax credits

Lines 2, 4, 6, 8, and 10 the total amount of tax credits applied

can exceed the 70% limitation if the combined group has an

to the corporation business tax.

average monthly net employment gain of greater than zero, as

Part III - Credit Reconciliation

calculated on Form CT-1120 TCE, Tax Credit Cap Expansion.

No tax credit can be applied against the minimum tax of $250

Enter in Column A the name of each corporation included in

the combined return claiming a tax credit. Enter in Column B

for each included corporation.

the Connecticut Tax Registration Number of each corporation

Part I - Tax Credits From 2012 Income Year

included in the combined return claiming a tax credit. Enter

in Column C the name of the tax credit claimed. Enter in

Part I-A - Financial Institutions Tax Credit

Column D the amount of tax credit applied.

Line 1 - Enter in Column A the combined total tax credit

amount being applied from Form CT-1120K, Part I-A, Line 1,

For Further Information

Call DRS during business hours, Monday through Friday:

Column B, for financial institutions constructing new facilities

• 1-800-382-9463 (Connecticut calls outside the Greater

in Connecticut.

Hartford calling area only), or

Part I-B - Tax Credits With Carryback Provisions

• 860-297-5962 (from anywhere).

Enter on Line 2 and Line 3, Column A the amounts from Form

CT-1120K, Part I-B, Line 2 and Line 3, Column B. This is the

TTY, TDD, and Text Telephone users only may transmit

inquiries anytime by calling 860-297-4911.

combined total of all credits actually applied to the corporation

business tax in 2012 that have a carryback provision. The credits

Forms and Publications

indicated here are applied to the current year tax first. Any

Visit the DRS website at to download and

remaining balance may be claimed against a preceding year tax

print Connecticut tax forms and publications.

by filing an amended tax returns.

Form CT-1120CR Instructions (Rev. 01/13)

Page 7 of 7

Instructions For Form Ct-1120cr - Combined Corporation Business Tax Return - 2012 Page 7

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