Form Ct-1040 Nr/py - Connecticut Nonresident And Part-Year Resident Income Tax Return And Instructions - 2012 Page 3
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56What’s New
member or partner in the business, or for a new, qualifying
Personal Exemption
or veteran employee for whom credit is claimed against
The personal exemption for individuals whose fi ling status
any tax under another statutory provision. The credit is not
is single has increased to $13,500 for the 2012 taxable year.
refundable and any tax credit not used in the taxable year
There is a $1,000 reduction in the personal exemption for
will expire.
every $1,000 of Connecticut adjusted gross income over
The tax credit may be claimed by the shareholders or
$27,000.
partners, if the qualifi ed small business is an S corporation
or an entity treated as a partnership for federal income tax
Personal Tax Credit
purposes. If the taxpayer is a single member limited liability
The Connecticut adjusted gross income (AGI) beginning
company that is disregarded as an entity separate from its
threshold for calculating the personal tax credit for single
owner, the tax credit may be claimed by the owner of the
fi lers has increased to $13,500 for taxable year 2012.
limited liability company, provided the owner is a taxpayer
subject to Connecticut income tax.
Property Tax Credit Limitation
To be eligible to claim the credit, the taxpayer must apply
The annual increase to the property tax credit limitation
to Department of Economic and Community Development
threshold for single fi lers in eff ect for the 2011 taxable year
(DECD). DECD must render a written decision within 30
remains in eff ect for the 2012 taxable year. The property tax
days after the date the application is received. If approved,
credit limitation threshold for single fi lers will increase for
DECD will issue a certifi cation letter to the taxpayer
the 2013 taxable year.
indicating that the credit will be available to be claimed.
Taxpayers must use Schedule CT-IT Credit, Income Tax
Form CT-8379, Nonobligated Spouse Claim
Credit Summary, to claim this credit.
If you are fi ling Form CT-8379, Nonobligated Spouse
See Special Notice 2012(6), 2012 Legislative Changes
Claim, you may elect to fi le your 2012 Connecticut income
Aff ecting the Income Tax.
tax return electronically.
If you elect to fi le your Connecticut income tax return
Taxpayer’s Email Address
electronically:
DRS tax returns now have a line for taxpayers to enter their
• Select the Form CT-8379 indicator on your electronically
email address. If you provide an email address, DRS may
fi led Connecticut income tax return.
use it to notify you of tax changes and programs. However,
• Mail the paper Form CT-8379 along with the associated
DRS will never use email to ask for sensitive information,
W-2 or 1099 forms to the Department of Revenue
such as your Social Security Number. If you ever have
Services, PO Box 5035, Hartford, CT 06102-5035.
questions about an email claiming to be from DRS, contact
DRS directly.
Job Expansion Tax Credit
See Tax Information, on back cover.
Beginning on or after January 1, 2012, a taxpayer may
be allowed a credit for each new qualifying employee or
Manufacturing Reinvestment Account
veteran employee hired on or after January 1, 2012, and
Program
prior to January 1, 2014. The credit may be applied against
A manufacturing reinvestment account (MRA) program
the tax imposed under chapters 207, 208, 212, or 229, but not
allows manufacturers to set aside money to pay for certain
against the withholding tax liability imposed under §12-707.
qualifying expenses. After being selected by the DECD, an
The credit cannot exceed the amount of tax due. The amount
MRA is a trust created or organized by a manufacturer that
of the credit is:
has no more than 50 employees. The MRA is held by a
• $500 per month for each new employee; or
Connecticut bank for the benefi t of the manufacturer.
• $900 per month for each qualifying or veteran employee.
For taxable years commencing on or after January 1, 2011,
The taxpayer must claim and use the credit in the
in computing Connecticut adjusted gross income, a
taxable year in which it is earned and, if eligible, the two
taxpayer making a contribution to an MRA, to the extent
immediately succeeding taxable years, provided the new,
such contribution is not deductible in determining federal
qualifying or veteran employee is still employed at the close
adjusted gross income, is allowed a subtraction modifi cation
of the taxpayer’s taxable year. A credit cannot be claimed
to his or her federal adjusted gross income for the amount of
for a new, qualifying or veteran employee who is an owner,
such contribution.
Page 3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Ct-1040nr/py - Connecticut Nonresident Or Part-year Resident Income Tax Return - 2004
Financial
Form Ct-1040 Nr/py - Connecticut Nonresident And Part-year Resident Income Tax Return And Instructions - 2013
Financial
Form Ct-1040 Nr/py - Connecticut Nonresident And Part-year Resident Income Tax Return And Instructions - 2011
Financial
Related Categories
Parent category: Financial