Connecticut Business Tax Credit Summary

Business Tax Credit Summary
Form CT-1120K
2023

Form CT‑1120K

Department of Revenue Services
State of Connecticut
(Rev. 12/23)
1120K 1223W 01 9999

Business Tax Credit Summary
Form CT‑1120CU Filers ONLY:

Corporation name

Connecticut Tax Registration Number

Member #

Part I - Tax Credits From 2023 Income Year
Part I‑A
Tax Credits With Carryback
Provisions

A

Credit Amount
Claimed

B

C

Shared Credit From
Unitary Affiliates

Amount Applied
to Corporation
Business Tax

(Form CT‑1120CU
filers ONLY)

	 1.	 Neighborhood Assistance

D

E

Shared Credit to
Unitary Affiliates

F

Amount Applied to
Other Taxes

Carryback
Amount

(Form CT‑1120CU
filers ONLY)







	 2.	 Housing Program Contribution







	3.	 Total Part I‑A: Add Line 1 and Line 2 in
Columns A through F.







Part I‑B
Tax Credits Without Carryback or
Carryforward Provisions
	 4.	 Apprenticeship Training - Form CT‑1120AT
	 5.	 Manufacturing Facility Tax Credit for Facilities
Located in a Targeted Investment Community/
Enterprise Zone - Form CT‑1120 TIC/EZ

A

Credit Amount
Claimed

B

C

Shared Credit From
Unitary Affiliates

Amount Applied
to Corporation
Business Tax

(Form CT‑1120CU
filers ONLY)

D

E

Shared Credit to
Unitary Affiliates

F

Amount Applied to
Other Taxes

Amount
Refunded

(Form CT‑1120CU
filers ONLY)







	 6.	 Machinery and Equipment - Form
CT‑1120 MEC



	 7.	 Service Facility - Form CT‑1120SF



	 8.	 Student Loan Payment - Form CT‑SLP



	 9.	 Film Production - Form CT‑1120FP





	 10.	 Digital Animation - Form CT‑1120DA





	 11.	 Film Production Infrastructure - Form
CT‑1120 FPI





	12.	Total Part I‑B: Add Lines 4 through 11 in
Columns A through F.





Visit us at portal.ct.gov/DRS for more information.





Form CT-1120K
(Rev. 12/23) Page 2 of 4
1120K 1223W 02 9999

	Part  I‑C
Tax Credits With
Carryforward Provisions
	 13.	 Housing Program Contribution
Form CT‑1120 HPC
	 14.	 Research and Experimental
Expenditures Form CT‑1120RC:
Enter amount exchanged in Col. G.
	 15.	 Research and Development
Form CT‑1120 RDC: Enter
amount exchanged in Column G.

Connecticut
Tax Registration
Number

A

Carryforward
Amount From
Previous Income
Years

B

2023 Credit
Amount Claimed

C

Shared Credit From
Unitary Affiliates
(Form CT‑1120CU
filers ONLY)

D

Amount Applied
to Corporation
Business Tax

E

G

F

Shared Credit to
Unitary Affiliates
(Form CT‑1120CU
filers ONLY)

H

Amount Applied
to Other Taxes
or Exchanged

Excess Credit
Utilization



Carryforward
Amount to 2024



















	 16.	 Fixed Capital Investment
Form CT‑1120 FCIC





	 17.	 Human Capital Investment
Form CT‑1120 HCIC





	 18.	 Insurance Reinvestment Fund
Form CT‑IRF







	 20.	 Historic Homes Rehabilitation
Form CT‑1120HH







	 21.	 Donation of Land - Form CT‑1120DL



	 22.	 Historic Structures Rehabilitation
Form CT‑1120HS







	 23.	 Historic Preservation - Form
CT‑1120HP







	 24.	 Urban and Industrial Site
Reinvestment Form CT‑UISR







	 25.	 Green Buildings - Form CT‑1120GB



	 26.	 Historic Rehabilitation - Form
CT‑1120HR



	19.	 Reserved for future use

	27.	 Total Part I‑C: Add Lines 13
through 26 in Columns A through H.
Do not include amounts on
Line 14 and Line 15 in Column G
total on Line 27.



Visit us at portal.ct.gov/DRS for more information.

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

Form CT-1120K
(Rev. 12/23) Page 3 of 4
1120K 1223W 03 9999

Part I‑D

Electronic Data Processing
Equipment Property Tax Credit

Connecticut
Tax Registration
Number

A

Carryforward
Amount From
Previous Income
Years

B

2023 Credit
Amount Claimed

C

D

Shared Credit
From Unitary
Affiliates

E

Amount Applied
to Corporation
Business Tax



G

Amount Applied to
Other Taxes

Carryforward
Amount to 2024

(Form CT‑1120CU
filers ONLY)

(Form CT‑1120CU
filers ONLY)

28.	 Electronic Data Processing Equipment
Property - Form CT-1120 EDPC

F

Shared Credit to
Unitary Affiliates







Part II - Tax Credits Applied to the Corporation Business Tax
	1.	 Tax Credit Limitation: Enter amount from Form CT‑1120, Schedule C, Line 4 or the appropriate column from Form CT‑1120CU, Part II, Line 2.

1.

	2.	 Tax Credits With Carryback Provisions: Enter amount from Part I‑A, Line 3, Column C. Do not exceed amount on Line 1.

2.

	 3.	 Creditable corporation business tax balance: Subtract Line 2 from Line 1.

3.

	4.	 Tax Credits Without Carryback or Carryforward Provisions: Enter amount from Part I‑B, Line 12, Column C. Do not exceed amount on Line 3.

4.

	 5.	 Creditable corporation business tax balance: Subtract Line 4 from Line 3.

5.

	6.	 Tax Credits With Carryforward Provisions: Enter amount from Part I‑C, Line 27, Column D. Tax credit carryforwards that expire first should be claimed
before other tax credit carryforwards that either expire later or do not expire. Do not exceed amount on Line 5.

6.

	 7.	 Creditable corporation business tax balance: Subtract Line 6 from Line 5.

7.

	8.	 Electronic Data Processing Equipment Property Tax Credit: Enter amount from Part I‑D, Line 28, Column D. Tax credit carryforwards that expire first
should be claimed before other tax credit carryforwards that either expire later or do not expire. Do not exceed amount on Line 7.

8.

	9.	 Tax credits applied: Add Part II, Lines 2, 4, 6 and 8. Enter here and on Form CT‑1120, Schedule C, Line 5a. Combined unitary filers, enter this amount in the
 9.
appropriate column on Form CT‑1120CU, Part II, Line 3.
	10.	 Balance: Subtract Line 9 from Line 1.

10.

	11.	 Excess credit limitation: Form CT-1120 filers, enter the lesser of Form CT-1120, Schedule C, Line 1 multiplied by 19.99% (.1999) or Form CT-1120,
Schedule C, Line 3 minus $250. Combined unitary filers, enter the amount from the appropriate column on Form CT-1120CU, Part II, Line 5.

11.

	12.	 Excess credit utilization for claimants of Research and Development and Research and Experimental Expenditures tax credits: Enter the amount
from Part I-C, Line 27, Column F. Do not exceed the amount on Line 11. Form CT-1120 filers, enter this amount on Form CT-1120, Schedule C, Line 5b.
Combined unitary filers, enter this amount in the appropriate column on Form CT-1120CU, Part II, Line 6.

Visit us at portal.ct.gov/DRS for more information.

 12.

Form CT-1120K
(Rev. 12/23) Page 4 of 4
1120K 1223W 04 9999

Connecticut
Tax Registration
Number

Part III - Tax Credits Applied to Taxes Other Than the Corporation Business Tax
Name of tax:

Duplicate Part III as necessary.

	 1.	 Tax: Enter the creditable tax amount from the appropriate tax form. Taxpayers filing Form CT‑207, Form CT‑207F, or Form CT‑207 HCC must complete
Form CT‑207K to claim tax credits.

1.

	2.	Tax Credits With Carryback Provisions: Enter amount from Part I‑A, Line 3, Column E. Do not exceed amount on Line 1.

2.

	 3.	 Tax balance: Subtract Line 2 from Line 1.

3.

	 4.	 Tax Credits Without Carryback or Carryforward Provisions: Enter amount from Part I‑B, Line 12, Column E. Do not exceed the amount on Line 3.

4.

	 5.	 Tax balance: Subtract Line 4 from Line 3.

5.

	6.	Tax Credits With Carryforward Provisions: Enter amount from Part I‑C, Line 27, Column G. Do not exceed amount on Line 5.

6.

	 7.	 Tax balance: Subtract Line 6 from Line 5.

7.

	 8.	 Electronic Data Processing Equipment Property Tax Credit: Enter amount from Part I‑D, Line 28, Column F. Do not exceed amount on Line 7.

8.

	9.	 Total Tax Credits Applied to Taxes Other Than the Corporation Business Tax: Add Part III, Lines 2, 4, 6, and 8. Enter here and on the appropriate
tax return. Do not exceed amount on Line 1.

Visit us at portal.ct.gov/DRS for more information.

 9.

Form CT-1120K Instructions
Filing Electronically
File Form CT-1120K electronically when filing Form
CT‑1120, Corporation Business Tax Return, using
myconneCT. DRS myconneCT
allows taxpayers to electronically
file, pay and manage state tax
responsibilities.

Filing by Mail
If you file by mail, complete this form in blue or black ink
only. Do not use staples.
Please note that each form is year specific. To prevent any
delay in processing your return, the correct year’s form must
be submitted to the Department of Revenue Services (DRS).
Form CT‑1120K, Business Tax Credit Summary, must
be attached to Form CT‑1120, Corporation Business
Tax Return, or the applicable tax form whenever tax
credits from the current income year are being claimed or
carryforward tax credit balances exist from a prior year. Each
member included in Form CT‑1120CU, Combined Unitary
Corporation Business Tax Return, claiming, applying, or
sharing a tax credit must file a separate Form CT‑1120K.
Taxpayers subject to the domestic and foreign insurance
premiums tax and the health care centers tax must
complete Form CT‑207K, Insurance / Health Care Tax
Credit Schedule, and attach it to Form CT‑207, Insurance
Premiums Tax Return Domestic Companies; Form
CT‑207F, Insurance Premiums Tax Return Nonresident and
Foreign Companies; or Form CT‑207 HCC, Health Care
Center Tax Return.
Taxpayers subject to the personal income tax must complete
Schedule CT‑IT Credit, Income Tax Credit Summary,
and attach it to Form CT‑1040, Connecticut Resident
Income Tax Return; Form CT‑1040NR/PY, Connecticut
Nonresident and Part‑Year Resident Income Tax Return;
Form CT‑1040X, Amended Connecticut Income Tax Return
for Individuals; or Form CT‑1041, Connecticut Income Tax
Return for Trusts and Estates.
Additional information about Connecticut tax credits is
available in our online Guide to Connecticut Business Tax
Credits available on the DRS website at portal.ct.gov/DRS.
Corporation Business Tax credits must be applied in a
specific order, where a corporation is eligible to claim more
than one tax credit. In no event, however, shall any tax
credit be claimed more than once. The order is as follows:
1.	Any tax credit that may be carried back to a preceding
income year must be applied before any other tax credit.
Form CT-1120K Instructions (Rev. 12/23)	

Any tax credit carryback that will expire first must be claimed
before any tax credit carryback that will expire later.
	 If the tax credit carrybacks will expire at the same time, tax
credits must be taken in the order in which the corporation
may receive the maximum benefit.
2.	Any tax credit that may not be carried back to a preceding
income year and that may not be carried forward to a
succeeding income year must be claimed next, in the order
in which the corporation may receive the maximum benefit.
3.	Any tax credit that may be carried forward to a succeeding
income year must be claimed next. Any tax credit
carryforward that will expire first must be claimed before
any tax credit carryforward that will expire later. If the
tax credit carryforwards will expire at the same time, tax
credits must be taken in the order in which the corporation
may receive the maximum benefit.
4.	The Electronic Data Processing Equipment Property
tax credit must be applied last, after all other tax credits
have been applied.
Limits on Credits: The amount of tax credits otherwise
allowable against the Corporation Business Tax for any
income year shall not exceed 50.01% of the amount of tax
due prior to the application of the tax credit.
Research and Development and Research and Experimental
Expenditures tax credits that remain after the application of
the 50.01% limitation may be further used, provided that
the total of all tax credits used shall not exceed 70% of the
tax liability. This additional credit usage is reported on the
appropriate line in the Excess Credit Utilization column in
Part I-C, Column F.
No tax credit can be applied against the minimum tax of $250.
Form CT‑1120K must be attached to the tax returns covered
under the following Connecticut General Statutes chapters,
when tax credits from the current income year are being
claimed or when carryforward tax credit balances exist
from the prior year:
•	
•	
•	
•	
•	

Corporation business tax under Chapter 208;
Unrelated business income tax under Chapter 208a;
Air carrier tax under Chapter 209;
Railroad companies tax under Chapter 210;
Community antenna television system companies tax
under Chapter 211;
•	 Utility companies tax under Chapter 212;
•	 Public service companies tax under Chapter 212a; and
•	 Petroleum products gross earnings tax under Chapter 227.

If the taxpayer is claiming a tax credit against more than
one tax type, a separate Form CT‑1120K and applicable tax
credit forms must be attached to each tax return for which
a tax credit is being claimed.
Any tax credit balance that remains after applying the
tax credits to the current year tax may be carried forward
or carried back as provided in the Connecticut General
Statutes, if the tax credit has not expired.

Combined Unitary Filers (Form CT‑1120CU)
Each taxable member included in Form CT‑1120CU is
individually subject to tax credit usage limitations and the
ordering rules explained previously. The separate member
tax credits are then aggregated and applied against the
combined group’s tax liability. Credits may be deducted from
each taxable member’s portion of the combined group’s
tax as follows:
•	 Credits earned in a current year by a taxable member
of the combined group may be utilized by any member
in the group.
•	 Unused credits earned by a combined group member in
a prior year in which a combined unitary tax return was
filed may be utilized by the member that earned the credit
or by any member that was included in the combined
group in the year the tax credit was earned (regardless
of whether or not a member was a taxable member or
nontaxable member in such prior year).
•	 Unused credits earned by a taxable member in a prior
year in which the taxable member filed a separate
Corporation Business Tax Return may be utilized only
by the member that earned the credit.
•	 Unused credits earned by a combined group member
in a year that it was included in a group that filed Form
CT‑1120CR, Combined Corporation Business Tax Return,
or a Form CT‑1120U, Combined Unitary Corporation
Business Tax Return, may be used by the member that
earned the credit or by any other combined group member
that was included in the Form CT‑1120CR or CT‑1120U
in the year the credit was earned.

Part I‑A – Tax Credits With Carryback
Provisions
Enter in Column A all of the tax credits earned in 2023
that have a carryback provision. The tax credits indicated
here are applied to the current year tax first. Any remaining
balance may be claimed against a preceding year tax by
filing Form CT‑1120X, Amended Corporation Business Tax
Page 1 of 2

Return, or the appropriate amended tax return. If carrying
forward a Housing Program Contribution tax credit, also
complete Part I‑C.
Enter in Column B shared credits to be applied in the current
year received from a unitary affiliate within the sharing rules
previously explained. Column B applies only to members
filing as part of a combined unitary return.
Enter in Column C the amount actually applied to the
Corporation Business Tax. The total of Column C cannot
exceed the amount in Part II, Line 1.
Enter in Column D credits shared to a unitary affiliate within
the sharing rules previously explained. Column D applies
only to members filing as part of a combined unitary return.
Enter in Column E the amount applied to taxes other than
the Corporation Business Tax. The total of Column E cannot
exceed the amount in Part III, Line 1.
Enter in Column F the amount of tax credit carried back to
prior years.
Line 1 - Enter the Neighborhood Assistance Act (NAA) tax
credit. Any remaining balance may be carried back to the
immediately preceding two income years.
Line 2 - Enter the Housing Program Contribution tax credit
computed on Form CT‑1120 HPC, Housing Program
Contribution Tax Credit. Any remaining balance may be
carried back to the five immediately preceding income years.
If claiming a tax credit carryforward, also complete Part I‑C,
Line 13. See Part I‑C, Line 13, on this page.

Part I‑B – Tax Credits Without Carryback or
Carryforward Provisions
Enter in Column A the credit amounts claimed in the current
income year.
Enter in Column B shared credits to be applied in the current
year received from a unitary affiliate within the sharing rules
previously explained. Column B applies only to members
filing as part of a combined unitary return.
Enter in Column C the credit amounts actually applied to
the Corporation Business Tax. The total of Column C cannot
exceed the amount in Part II, Line 3.
Enter in Column D credits shared to a unitary affiliate within
the sharing rules previously explained. Column D applies
only to members filing as part of a combined unitary return.
Enter in Column E the amount applied to taxes other than
the Corporation Business Tax. The total of Column E cannot
exceed the amount in Part III, Line 3.
Enter in Column F the credit amount refunded.

Form CT-1120K Instructions (Rev. 12/23)	

Part I‑C – Tax Credits With Carryforward
Provisions
Part I‑C enables a corporation to account for any tax credits
with carryforward provisions. This section also identifies any
amounts of Research and Development or Research and
Experimental Expenditures tax credits exchanged with the
state for a credit to be issued in the form of a refund.
Enter in Column A the tax credit carryforward amount from
previous income years. Enter in Column B the tax credit
amount claimed for the current year. Enter in Column C
shared credits to be applied in the current year received
from a unitary affiliate within the sharing rules previously
explained. Column C applies only to members filing as part
of a combined unitary return. Enter in Column D the tax
credit amount applied to the Corporation Business Tax for
the current income year. Enter in Column E credits shared
to a unitary affiliate within the sharing rules previously
explained. Column E applies only to members filing as part
of a combined unitary return. Enter in Column F additional
credit amounts being applied for claimants of Research
and Development and Research and Experimental
Expenditures tax credits. These two credits that remain
after the application of the 50.01% limitation may be further
used, provided that the total of all tax credits used shall not
exceed 70% of the tax liability. Enter in Column G the tax
credit amount applied to taxes other than the Corporation
Business Tax, if applicable, in the current income year or
the amount of Research and Development or Research and
Experimental Expenditures tax credits exchanged with the
state for a tax credit to be issued in the form of a refund.
Enter in Column H the carryforward amount.
Line 13 - If claiming the Housing Program Contribution tax
credit, Part I‑A, Line 2 must be completed first. Enter the
applicable tax credit amounts in the spaces provided.

Part I‑D – Electronic Data Processing
Equipment Property Tax Credit
Enter in Column A the amount of tax credit carried forward
from previous income years. Enter in Column B the amount
of tax credit claimed in the current income year. Enter in
Column C shared credits to be applied in the current year
received from a unitary affiliate within the sharing rules
previously explained. Column C applies only to members
filing as part of a combined unitary return. Enter in Column D
the amount being applied to the Corporation Business Tax.
The amount in Column D cannot exceed the amount in
Part II, Line 7. Enter in Column E credits shared to a unitary
affiliate within the rules previously explained. Column  E
applies only to members filing as part of a combined unitary
return. Enter in Column F any amount applied to taxes other

than the Corporation Business Tax. Enter in Column G the
tax credit carryforward amount.
The Electronic Data Processing Equipment Property tax
credit may be applied only after all other tax credits have
been applied and must be applied first to the Corporation
Business Tax and then to any other applicable taxes.

Part II – Tax Credits Applied to the Corporation
Business Tax
This section enables a corporation to apply its tax credits
in the order required by Conn. Gen. Stat. § 12-217aa. This
section also limits the amount of tax credits that may be
applied to the Corporation Business Tax up to the 50.01%
limitation.

Part III – Tax Credits Applied to Taxes Other Than
Corporation Business Tax
Part III enables a corporation to account for any tax credits
applied to the following other taxes:
•	 Unrelated business income tax under Chapter 208a;
•	 Air carrier tax under Chapter 209;
•	 Railroad companies tax under Chapter 210;
•	 Cable and community antenna television system
companies tax under Chapter 211;
•	 Utility companies tax under Chapter 212;
•	 Public service companies tax under Chapter 212a;
•	 Petroleum products gross earnings tax under Chapter 227;
and
•	 Surplus lines brokers tax under Chapter 701d.
Enter the name of the tax to which the tax credit is being
applied. For each tax, attach a duplicate Form CT‑1120K
and applicable tax credit forms. If applying tax credits to
more than one tax other than Corporation Business Tax,
attach supplemental copies of Part III to Form CT‑1120K.
Use Form CT‑207K, Insurance/Health Care Tax Credit
Schedule, to claim tax credits against the:
•	 Domestic and foreign insurance premiums tax under
Chapter 207;
•	 Health care centers tax under Chapter 207; and
•	 Hospital and medical services tax under Chapter 207.
Use Schedule CT‑IT Credit, Income Tax Credit Summary,
to claim tax credits against the:
•	 Income tax under Chapter 229, not including the tax under
Conn. Gen. Stat. § 12‑707.

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