Schedule Ct-It Credit - Income Tax Credit Summary

Part II Tax Credits Reported by Pass-Through Entity on Schedule CT K-1 or by a Trust or Estate on Schedule CT-1041 K-1

Column A

Column B

Column C

Column D

Type of Tax Credit

Name of Pass-Through Entity or Trust

FEIN

Amount of Credit

































Total tax credits reported by a pass-through entity from supplemental schedule (as applicable)

Schedule CT-IT Credit Instructions

Additional information about Connecticut income tax

qualiﬁ ed small business job creation tax credit or the

credits is available in Special Notice 2010(3), 2010

job expansion tax credit available to be claimed.

Individuals, Trusts, or Estates

Legislative Changes Affecting the Income Tax and

Keep a copy of Form CT-1120 SBJ or Form CT-1120 JET,

Attach Schedule CT-IT Credit, Income Tax Credit

Special Notice 2012(6), 2012 Legislative Changes

or both, for your records. You may be asked to provide

Summary, to Form CT-1040, Connecticut Resident

Affecting the Income Tax.

a copy to the Department of Revenue Services (DRS)

Income Tax Return, Form CT-1040NR/PY, Connecticut

The Vocational Rehabilitation Job Creation Tax Credit

at a later date.

Nonresident or Part-Year Resident Income Tax Return,

has expired. You may not claim this credit for taxable

Form CT-1040X, Amended Connecticut Income Tax

Tax Credits With Limited Carryforward Provisions

year 2012.

Return for Individuals, or Form CT-1041, Connecticut

If an income tax liability remains after the application

Income Tax Return for Trusts and Estates, whenever

Tax Credits Applied to the Income Tax

of the tax credits without a carryforward provision,

tax credits from the current taxable year are being

the angel investor tax credit and the insurance

Liability

claimed or carryforward tax credit balances exist from a

reinvestment fund tax credit are applied. Any angel

prior year. Keep a copy of the document(s) reporting

Tax Credits Without a Carryforward Provision

investor or insurance reinvestment fund tax credit

the amount of your available credit for your records.

The qualiﬁ ed small business job creation tax credit and

balance that remains after applying the tax credits to

The amount of the tax credit is limited to the taxpayer’s

the job expansion tax credit, which have no carryforward

the current year income tax liability may be carried

income tax liability.

provision, are applied ﬁ rst.

forward if the period for claiming the tax credit has

Trusts or estates may allocate all or a portion of the

You must complete Form CT-1120 SBJ, Small

not expired.

credit(s) to the beneﬁ ciary(ies). If all or a portion

Business Job Creation Tax Credit, or Form

Since the carryforward period for each tax credit

of the credit(s) is allocated to the beneﬁ ciary(ies),

CT-1120 JET, Job Expansion Tax Credit, or both,

varies, the taxpayer must decide how to apply the

the trust or estate must complete Worksheet B -

to determine the amount of allowable credit if you:

tax credits with a carryforward provision based on

Worksheet for Schedule CT-IT Credit (found in the

• Are a single member limited liability company that

the remaining carryforward period. For example, if

Form CT-1041 instruction booklet). The amount

is disregarded as an entity separate from its owner;

the insurance reinvestment fund tax credit has only

of the tax credit allocable to the trust or estate

and

a two-year carryforward period remaining and the

on Worksheet B - Worksheet for Schedule CT-IT

angel investor tax credit has a ﬁ ve-year carryforward

• Have received a certification letter from the

Credit, Line 6, Column D, is the amount earned for

period remaining, the taxpayer may choose to apply

Department of Economic and Community

purposes of Column C of this schedule.

the insurance reinvestment fund tax credit ﬁ rst.

Development (DECD) indicating that you have the

Schedule CT-IT Credit (Rev.

01/13

)

Page 2 of 3

Schedule Ct-It Credit - Income Tax Credit Summary - 2012 Page 2

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