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Credits for the Donation of Land

Description

There are two credits available for the donation of land:

  • A credit for the donation of open space land; and

  • A credit for the donation of land for educational use.

Both credits are in an amount equal to 50% of the value of any donated land and both credits may be applied against the corporation business tax.

Definitions

Donation of open space land means the value of any land conveyed without financial consideration, or the value of any discount of the sale price in any sale of land or any interest in land, to the state, a political subdivision of the state, or a nonprofit land conservation organization, where the land is to be permanently preserved as protected open space.

Donation of land for educational use means the value of any land or interest in land conveyed without financial consideration, or the value of any discount of the sale price in any sale of land or interest in land, to any town, city, or borough, whether consolidated or unconsolidated, and any school district or regional school district for the purposes of schools and related facilities.

Use value means the fair market value of land at its highest and best use, as determined by a certified real estate appraiser.

Credit Percentage

The credit amount available is equal to 50% of any donation of open space land or 50% of any donation of land for educational use.

Carryforward/Carryback Limitations

Both credits may be carried forward for a period of 15 successive income years until the credit is fully taken. No carryback is allowed.

How to Apply

Complete Form CT-1120DL, Donation of Land Credit, and attach it to Form CT-1120K, Business Tax Credit Summary.

Forms are available anytime from the DRS website at www.ct.gov/DRS or by calling the DRS Forms Unit at 1-800-382-9463 (Connecticut calls outside the Greater Hartford calling area only) and selecting Option 2 from a touch-tone phone, or 860-297-4753 (from anywhere).

TTY, TDD, and Text Telephone users only may transmit inquiries anytime by calling 860-297-4911.

Where to Get Additional Information

Direct inquiries to:

Department of Revenue Services Taxpayer Services Division 25 Sigourney Street Hartford CT 06106

1-800-382-9463 (Connecticut calls outside the Greater Hartford calling area only), or 860-297-5962 (from anywhere)

www.ct.gov/DRS

REFERENCES: Conn. Gen. Stat. §§12-217dd and 12-217ff

Informational Publication 2006(15), Guide to Connecticut Business Tax Credits Issued: 04/24/07

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