Form Ct-501 - Temporary Deferral Nonrefundable Payout Credit - 2012 Page 2
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2Page 2 of 2 CT-501 (2012)
Instructions
after January 1, 2013, use Form CT-501 to claim the temporary
General information
deferral nonrefundable payout credit.
Temporary deferral of certain tax credits
For tax years beginning on or after January 1, 2010, and before
Line instructions
January 1, 2013, if the total amount of certain credits that you
may use to reduce your tax or have refunded to you is greater
Nonrefundable credits deferred
than $2 million, the excess over $2 million must be deferred
Column B – For each credit listed in column A, enter the amount
to, and used or refunded in, tax years beginning on or after
of that credit (if any) from your 2010 Form CT-500, Schedule A,
January 1, 2013. For more information about the credit deferral,
column D.
see Form CT-500, Corporation Tax Credit Deferral. If you are
Column C – For each credit listed in column A, enter the amount
subject to the credit deferral, you must complete all credit forms
of that credit (if any) from your 2011 Form CT-500, Schedule A,
without regard to the deferral. However, the credit amount that
column D.
you transfer to your tax return to be applied against your tax due
or to be refunded to you may be reduced. Follow the instructions
Column D – For each credit listed in column A, enter the amount
for Form CT-500 to determine the amounts to enter on your tax
of that credit (if any) from your 2012 Form CT-500, Schedule A,
return.
column D.
Line 2 – Temporary deferral nonrefundable payout credit
Purpose of Form CT-501
accumulated
Form CT-501 is used to accumulate your nonrefundable
This is the total of your deferred nonrefundable credits. You may
deferred credits. You will need your 2010 (if applicable),
claim your temporary deferral nonrefundable payout credit for
2011 (if applicable), and 2012 Form(s) CT-500 to complete
tax years beginning on or after January 1, 2013.
your 2012 Form CT-501. For tax years beginning prior
to January 1, 2013, use Form CT-501 to compute your
accumulated nonrefundable deferred credits and arrive at one
temporary deferral nonrefundable payout credit amount. Keep
this form with your records; do not attach it to your return or
send it to the Tax Department. For tax years beginning on or
535002120094
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