×
tax forms found in
Tax Form Code
Tax Form Name

Connecticut Free Printable  for 2018 Connecticut Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2017-connecticut-form-ct-1120-tic-ez.pdf, and you can print it directly from your computer.

Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone
Form CT-1120 TIC-EZ

Department of Revenue Services State of Connecticut (Rev. 12/17) Form CT-1120 TIC/EZ Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone For Income Year Beginning:________________________ , __________ and Ending:____________________ ,__________ . Corporation name Connecticut Tax Registration Number DECD Eligibility Certificate Number (If applicable) Complete this form in blue or black ink only. Use Form CT-1120 TIC/EZ to claim the credit for manufacturing facilities allowed under Conn. Gen. Stat. §12-217e against the Corporation Business Tax. Eligibility 50% Credit - Taxpayers may qualify for a credit equal to 50% of that portion of the Connecticut Corporation Business Tax that is allocable to a manufacturing facility, that meets certain employment criteria and is located within a designated Enterprise Zone or other area designated as having Enterprise Zone level benefits. An Entertainment District, Enterprise Corridor Zone, Railroad Depot Zone, Contiguous Municipality Zone, Defense Plant Zone, Manufacturing Plant Zone, Airport Development Zone, and Qualified Manufacturing Plant Zone are areas having Enterprise Zone level benefits. A 50% credit is also available to businesses engaged in biotechnology, pharmaceutical, or photonics research, that are located in a municipality that has a major research university with programs in biotechnology, pharmaceuticals, or photonics, and that has an Enterprise Zone. To be eligible for a 50% credit, the corporation must obtain certification from the Department of Economic and Community Development (DECD) and establish either that at least 150 full-time employees or 30% of the full-time positions directly attributable to the manufacturing facility were held by employees that were: (1) residents of such zone or (2) residents of the municipality and eligible for training under the federal Job Training Partnership Act or any successor program. 25% Credit - Taxpayers may qualify for a credit equal to 25% of that portion of the Connecticut Corporation Business Tax that is allocable to a manufacturing facility located in a Targeted Investment Community. Taxpayers with manufacturing facilities located in areas with Enterprise Zone level benefits that do not meet the employment criteria for the 50% credit qualify for the 25% credit. To be eligible for a 25% credit, the manufacturing facility must obtain certification from DECD. The credit period is ten years and begins with the first full income year following the year of issuance of the eligibility certificate and continues for the following nine income years. The credit may be claimed for a maximum of ten years. Additional Information See the Guide to Connecticut Business Tax Credits available on the Department of Revenue Services (DRS) website at www.ct.gov/drs, or contact DECD, 860-270-8143. Schedule A - Location Criteria for 50% Tax Credit Yes No 1. Is the certified facility located within an area having Enterprise Zone level benefits? If Yes, go to Schedule B. If No, go to Question 2. Is the certified facility an eligible entertainment related project or support business located within 2. a municipality with an approved entertainment district? If Yes, go to Schedule B. If No, go to Question 3. Is the facility engaged in biotechnology, pharmaceutical, or photonics research and located in 3. a municipality that has a major research university with programs in biotechnology, pharmaceuticals, or photonics, and that has an Enterprise Zone? If Yes, go to Schedule B. If No, the company is eligible only for a 25% credit. Enter 25% (.25) on Schedule C, Line 7. Schedule B - Employment Criteria for 50% Tax Credit 1. Enter the average number of full-time employment positions at the manufacturing facility during 1. the last quarter of the current income year. 2. Enter the number of full-time employees prior to beginning the initial 2. hiring for the facility. See instructions. 3. Subtract Line 2 from Line 1 and enter the result. If zero or less, the company is eligible only for the 25% credit. Enter 25% (.25) on Schedule C, Line 7. 3. 4. Multiply Line 3 by 30% (.30). 4. Enter the number of full-time employees who are residents of the Enterprise Zone, 5. or are residents of the municipality or Enterprise Corridor Zone, and are eligible for training under the federal Job Training Partnership Act. 5. If Line 5 is less than 150 and is less than the amount on Line 4, the company is eligible 6. only for the 25% credit. Enter 25% (.25) here and on Schedule C, Line 7. 6. If Line 5 is 150 or greater or is greater than the amount on Line 4, the company is eligible for 7. the 50% credit. Enter 50% (.50) here and on Schedule C, Line 7. 7. Schedule C - Credit Computation Instructions for the computation of tangible property and wages, salaries, and other compensation are shown below. Tangible Property Column A Column B Eligible Facility Approved by DECD Total Facilities Within Connecticut (Including Eligible Facility) Column C For Line 1 and Line 2, divide Column A 1a. Depreciable assets by Column B. 1b. Land Carry to six decimal places 1c. Capitalized rent Average monthly net book value Wages, Salaries, and Other Compensation Facility Credit Ratio Tax Credit Calculation 1d. Other 1. Total 1. 2. 2. 3. Total: Add Line 1 and Line 2 in Column C. 3. 4. Facility ratio: Divide Line 3 by two. 4. 5. Tax: From Form CT-1120, Schedule C, Line 1, Total Tax, or the credit claimant’s total tax from the appropriate column on Form CT-1120CU, Part I, Line 9 5. 6. Balance: Multiply Line 5 by Line 4. 6. 7. Tax credit percentage: See instructions. 7. Tax credit: Multiply Line 6 by Line 7. Enter here and on Form CT-1120K, 8. Part I-B, Column A. 8. Total Instructions Schedule A Schedule A is used to determine if the manufacturing facility is located in an area eligible to receive Enterprise Zone level benefits. If the facility does not meet the criteria for location, it is eligible only for the 25% credit. Skip Schedule B and continue on to Schedule C. Lines 1 and 2 - Check Yes if the manufacturing facility is located within one of the areas having Enterprise Zone level benefits. Line 3 - Check Yes if the facility is engaged in biotechnology, pharmaceutical, or photonics research, and is located in a municipality that has a major research university with programs in biotechnology, pharmaceuticals, or photonics, and that has an Enterprise Zone. Schedule B Schedule B is used to determine if the facility employs enough workers who are residents of the Enterprise Zone or are residents of the municipality and qualify for federal Job Training Partnership Act benefits. If the facility does not meet the criteria for employment of local workers, it is eligible only for the 25% credit. Line 1 - Complete as indicated. specifically acquired for and installed at that site should be computed by multiplying the gross rents payable by the taxpayer during the income year by eight. Column B consists of the average monthly net book value of all real property, machinery, and equipment held and owned by the taxpayer in Connecticut plus the value of all real property, machinery, and equipment rented to the taxpayer in Connecticut, computed by multiplying the combined gross rents payable during the income year by eight. Gross rents means gross rents as defined in Conn. Gen. Stat. §12-218(j)(3)(B). Wages, Salaries, and Other Compensation: Column A consists of all wages, salaries, and other compensation paid during the income year to employees of the taxpayer whose positions are directly attributable to the eligible manufacturing facility. Column B consists of the sum of wages, salaries, and other compensation paid during the income year to all employees of the taxpayer in Connecticut. An employee’s position is directly attributable to an eligible manufacturing facility if the: • Employee’s service is performed or base of operation is at the eligible manufacturing facility; Line 2 - The initial hiring for the new facility is based on the start date established with DECD. • Position did not exist prior to the construction, renovation, Line 3 - Subtract Line 2 from Line 1 and enter the result. If zero or less, the company is eligible only for the 25% credit. Do not continue on to Lines 5 through 7. Enter 25% on Schedule C, Line 7. • Position would not have been created but for the construction, Line 4 - Multiply Line 3 by 30%. Lines 5 through 7 - Complete as indicated. Schedule C Schedule C is used to determine the amount of the tax credit. Tangible Property: Column A includes the average monthly net book value of the eligible manufacturing facility including all machinery and equipment specifically acquired for and installed at that site, without reduction for any encumbrance. When rented, the value of the eligible manufacturing facility and all machinery and equipment Form CT-1120 TIC/EZ Back (Rev. 12/17) expansion, or acquisition of the eligible manufacturing facility; and renovation, expansion, or acquisition of the eligible manufacturing facility. Line 5 - Enter the tax from Form CT-1120, Schedule C, Line 1, Total Tax, or the credit claimant’s total tax from the appropriate column on Form CT-1120CU, Part I, Line 9 Line 6 - Multiply Line 5 by Line 4. Line 7 - Enter the tax credit percentage. This percentage will be either 25% or 50%, and is determined from Schedule A, Line 3, or Schedule B, Line 6 or Line 7. Line 8 - Enter the tax credit. Multiply Line 6 by Line 7, enter here and on Form CT-1120K, Part I-B, Column A.
Extracted from PDF file 2017-connecticut-form-ct-1120-tic-ez.pdf, last modified August 2017

More about the Connecticut Form CT-1120 TIC-EZ Corporate Income Tax Tax Credit TY 2017

We last updated the Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone in January 2018, so this is the latest version of Form CT-1120 TIC-EZ, fully updated for tax year 2017. You can download or print current or past-year PDFs of Form CT-1120 TIC-EZ directly from TaxFormFinder. You can print other Connecticut tax forms here.


eFile your Connecticut tax return now

eFiling is easier, faster, and safer than filling out paper tax forms. File your Connecticut and Federal tax returns online with TurboTax in minutes. FREE for simple returns, with discounts available for TaxFormFinder users!

File Now with TurboTax

Other Connecticut Corporate Income Tax Forms:

TaxFormFinder has an additional 85 Connecticut income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form CT-1120 EXT Application for Extension of Time to File Connecticut Corporation Tax Return
Form CT-1120 Corporation Business Tax Return
Form CT-1120 U Unitary Corporation Business Tax Return
Form CT-1120 CU Combined Unitary Corporation Business Tax Return
Form CT-1120X Amended Corporation Business Tax Return

Download all CT tax forms View all 86 Connecticut Income Tax Forms


Form Sources:

Connecticut usually releases forms for the current tax year between January and April. We last updated Connecticut Form CT-1120 TIC-EZ from the Department of Revenue Services in January 2018.

Show Sources >

Form CT-1120 TIC-EZ is a Connecticut Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Connecticut Form CT-1120 TIC-EZ

We have a total of seven past-year versions of Form CT-1120 TIC-EZ in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 Form CT-1120 TIC-EZ

CT-1120 TIC-EZ, 2016 Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone

2014 Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone 2015 Form CT-1120 TIC-EZ

CT-1120 TIC-EZ, 2014 Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone

2014 Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone 2014 Form CT-1120 TIC-EZ

CT-1120 TIC-EZ, 2014 Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone

Manufacturing Facility Tax Credit for Facilities Located in Targeted Invesment Community 2013 Form CT-1120 TIC-EZ

CT-1120 TIC/EZ, Manufacturing Facility Tax Credit for Facilities Located in Targeted Invesment Community

Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone 2012 Form CT-1120 TIC-EZ

CT-1120 TIC/EZ, Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone

2011  Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone 2011 Form CT-1120 TIC-EZ

CT-1120 TIC-EZ, Manufacturing Facility Tax Credit for Facilities Located in a Targeted Investment Community/Enterprise Zone


TaxFormFinder Disclaimer:

While we do our best to keep our list of Connecticut Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/connecticut/form-ct-1120-tic-ez