Form Ct-501 - Temporary Deferral Nonrefundable Payout Credit - 2011 Page 2
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2Page 2 of 2 CT-501 (2011)
Instructions
General information
beginning on or after January 1, 2013, use Form CT-501 to claim
the temporary deferral nonrefundable payout credit.
Temporary deferral of certain tax credits
Line instructions
For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
Nonrefundable credits deferred
may use to reduce your tax or have refunded to you is greater
than $2 million, the excess over $2 million must be deferred
Column B — For each credit listed in column A, enter the
to, and used or refunded in, tax years beginning on or after
amount of that credit (if any) from your 2010 Form CT-500,
January 1, 2013. For more information about the credit deferral,
Schedule A, column D.
see Form CT-500, Corporation Tax Credit Deferral. If you are
Column C — For each credit listed in column A, enter the
subject to the credit deferral, you must complete all credit forms
amount of that credit (if any) from your 2011 Form CT-500,
without regard to the deferral. However, the credit amount that
Schedule A, 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 — Does not apply for 2011. Do not make any
for Form CT-500 to determine the amounts to enter on your tax
entries in column D.
return.
Line 2 — Temporary deferral nonrefundable payout credit
accumulated
Purpose of Form CT-501
This is the current total of your deferred nonrefundable credits
Form CT-501 is used to accumulate your nonrefundable
for 2011. Any additional nonrefundable credits deferred for tax
deferred credits. You will need your 2010 (if applicable) and
year 2012 will increase the credit amount. You may claim your
2011 Form(s) CT-500 to complete your 2011 Form CT-501. For
temporary deferral nonrefundable payout credit for tax years
tax years beginning prior to January 1, 2013, use Form CT-501
beginning on or after January 1, 2013.
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
53502110094
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