Instructions For Form Ct-1120cr - Combined Corporation Business Tax Return

If the Yes box is checked, the corporation is authorizing DRS

Enter on Line 2 and Line 3, Column A the amounts from Form

to call the paid preparer to answer any questions that may

CT-1120K, Part I-B, Line 2 and Line 3, Column B. This is the

arise during the processing of the 2011 Combined Corporation

combined total of all credits actually applied to the corporation

Business Tax Return. The corporation is also authorizing the

business tax in 2011 that have a carryback provision. The credits

paid preparer to:

indicated here are applied to the current year tax ﬁ rst. Any

remaining balance may be claimed against a preceding year tax

• Give DRS any information that is missing from the return;

by ﬁ ling an amended tax returns.

• Call DRS for information about the processing of the

corporation’s return or the status of the corporation’s refund

Enter on Line 2 and Line 3, Column B the combined totals of

or overpayment; and

all credit amounts from Form CT-1120K, Part I-B, Line 2 and

Line 3, Column D. This is the combined total of all tax credits

• Respond to certain DRS notices that the corporation may

which are being carried back to a preceding tax year. For credits

have shared with the preparer regarding math errors, offsets,

that also have a carryforward provision, complete Schedule

and return preparation. The notices will be sent to the

KC, Part I-D.

preparer.

Part I-C - Tax Credits Without Carryback or Carryforward

The corporation is not authorizing the paid preparer to receive

Provisions

any refund check, bind the corporation to anything (including

additional tax liability), or otherwise represent the corporation

Enter on Lines 5 through 17, Column A the combined total of

before DRS. The authorization cannot be revoked. However,

all credits applied to the current year corporation business tax

the authorization will automatically end no later than the due

from Form CT-1120K, Part I-C, Column B, Lines 5 through 17.

date (without regard to extensions) for ﬁ ling the 2012 Combined

Part I-D - Tax Credits With Carryforward Provisions

Corporation Business Tax Return. This is on or before the ﬁ rst

Enter on Lines 19 through 32, Column A the combined total of

day of the month following the due date of the company’s

all tax credit carryforward amounts from previous income years.

corresponding federal income tax return for the income year

Enter on Lines 20 through 32, Column B the current year credit

(April 1 for calendar year ﬁ lers).

amount claimed. Enter on Lines 19 through 32, Column C the

amount of tax credit applied to the corporation business tax for

Schedule KC - Combined Tax Credits

the current year. Enter on Lines 19 through 32, Column D the

Schedule KC, Combined Tax Credits, must be completed

total available credit carryforward to 2012.

whenever tax credits are claimed. This schedule contains the

Part I-E - Electronic Data Processing Equipment

combined total of the tax credits which are claimed on Form

Property Tax Credit

CT-1120K, Business Tax Credit Summary, by the parent

Line 36 - Enter in Columns A through C the amount from

corporation and each affiliate in the group. Attach Form

Form CT-1120K, Part I-E, Line 36, Columns A through C.

CT-1120K to Schedule KC for each corporation in the combined

Enter in Column D the amount from Form CT-1120K, Part I-E,

group claiming a business tax credit.

Line 36, Column E.

All applicable credit forms and schedules must be attached to

Part II - Total Tax Credits Applied

this tax return. See IP 2010(13) for additional information on

Connecticut business tax credits.

This section enables a corporation to apply its tax credits in the

order required by Conn. Gen. Stat. §12-217aa. This section also

Limit on Credits

allows for the limitation of the amount of tax credits otherwise

Generally, the amount of tax credits allowable against the

allowable against the corporation business tax. Enter on

corporation business tax for any income year shall not exceed

Lines 2, 4, 6, 8, and 10 the total amount of tax credits applied

70% of the amount of total tax due prior to the application of the

to the corporation business tax.

tax credits. However, for the 2011 and 2012 income years, tax

Part III - Credit Reconciliation

credits can exceed the 70% limitation if the combined group has

an average monthly net employment gain of greater than zero, as

Enter in Column A the name of each corporation included in

calculated on Form CT-1120 TCE, Tax Credit Cap Expansion.

the combined return claiming a tax credit. Enter in Column B

the Connecticut Tax Registration Number of each corporation

No tax credit can be applied against the minimum tax of $250

included in the combined return claiming a tax credit. Enter

for each included corporation.

in Column C the name of the tax credit claimed. Enter in

Part I - Tax Credits From 2011 Income Year

Column D the amount of tax credit applied.

Part I-A - Financial Institutions Tax Credit

Line 1 - Enter in Column A the combined total tax credit

amount being applied from Form CT-1120K, Part I-A, Line 1,

Column B, for ﬁ nancial institutions constructing new facilities

in Connecticut.

Part I-B - Tax Credits With Carryback Provisions

Form CT-1120CR Instructions (Rev. 12/11)

Page 6 of 6

Instructions For Form Ct-1120cr - Combined Corporation Business Tax Return - 2011 Page 6

Related Articles

Related forms

Related Categories