Form Ct-1120hp - Historic Preservation Tax Credit

Department of Revenue Services

2012

Form CT-1120HP

State of Connecticut

Historic Preservation Tax Credit

(Rev. 01/13)

For Income Year Beginning: ___________________, 2012 and Ending: ___________________ , _______ .

Name of eligible taxpayer

Connecticut Tax Registration Number

Credit Computation

General Information

Complete this form in blue or black ink only.

The tax credit is equal to the lesser of 25% of the projected

rehabilitation expenditures or 25% of the actual rehabilitation

Use Form CT-1120HP to claim the Historic Preservation

expenditures. If DECD certifies that the project creates

tax credit (formerly the Historic Investment tax credit)

qualified affordable housing units, then the tax credit is

available under Conn. Gen. Stat. §10-416b to an owner

equal to the lesser of 30% of the projected rehabilitation

rehabilitating a certified historic structure for mixed

expenditures or 30% of the actual rehabilitation expenditures.

residential and non-residential use. Attach it to Form

CT-1120K, Business Tax Credit Summary and/or Form

Carryforward/Carryback

CT-207K, Insurance/Health Care Tax Credit Schedule.

Any unused tax credit may be carried forward for five

The Historic Preservation tax credit is administered by the

succeeding income years following the year in which the

Department of Economic and Community Development

substantially rehabilitated structure was placed in service.

(DECD). The credit may only be claimed if a tax credit

No carryback is allowed. An assignee may carry forward any

voucher has been issued by DECD.

unused tax credit.

The Historic Preservation tax credit may be applied against the

Recapture

taxes administered under Chapters 207 (insurance companies

and health care centers taxes), 208 (corporation business

This tax credit contains a recapture provision. If a voucher is

tax), 209 (air carriers tax), 210 (railroad companies tax),

issued for a non-residential portion of the project that is placed

211 (community antenna television systems tax), or 212

in service and then the residential portion of the project is not

(utility companies tax) of the Connecticut General Statutes.

completed on time, then the owner shall recapture 100% of

The tax credit may be claimed in the year in which the

the credit issued for the portion previously placed in service.

substantially rehabilitated certified historic structure is placed

Additional Information

in service. In the case of projects completed in phases, the

tax credit shall be prorated to the substantially rehabilitated

See Informational Publication 2010(13), Guide to

identifiable portion of the building placed in service.

Connecticut Business Tax Credits, or contact the

Department of Revenue Services, Taxpayer Services

Any owner allowed this tax credit may assign the credit to any

Division at 1-800-382-9463 (Connecticut calls outside the

individual or entity. An assignee must claim the credit in the

Greater Hartford calling area only) or 860-297-5962 (from

same year that the assignor would have been eligible to claim

anywhere).

the credit. An assignee may not further assign the tax credit.

Part I - Credit Computation

The Historic Preservation tax credit is being claimed by:



An owner

An assignee

A taxpayer named by owner as contributing to the rehabilitation

If credit is being claimed by an assignee, enter the name and Connecticut Tax Registration Number (if available) of the assignor

below. Attach explanation.

______________________________________________

_______________________________________________

Assignor’s name

Assignor’s Connecticut Tax Registration Number

1. Tax credit: Enter the amount of Historic Preservation tax credit as listed on

DECD

the voucher issued by

for the 2012 income year. Enter here and on Form CT-1120K,

Part I-D, Column B and/or Form CT-207K, Part 1-A, Column B.

Form Ct-1120hp - Historic Preservation Tax Credit - 2012

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