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Recapture Provisions

  • If the fixed capital on account of which a corporation claimed the credit is not held and used in Connecticut in the ordinary course of the corporation's trade or business in Connecticut for three full years following its acquisition, the corporation will be required to recapture 100% of the amount of the credit allowed on its corporation business tax return required to be filed for the income year immediately succeeding the income year during which the three-year period expires.

  • If the fixed capital on account of which a corporation claimed the credit is not held and used in Connecticut in the ordinary course of the corporation's trade or business in Connecticut for five full years following its acquisition, the corporation will be required to recapture 50% of the amount of the credit allowed on its corporation business tax return required to be filed for the income year immediately succeeding the income year during which the five-year period expires.

  • The recapture provisions do not apply if the property that is the subject of the tax credit is replaced.

  • If the recapture amount is not paid when due, it will accrue interest at 1% per month or fraction of a month from the due date to the date of payment.

Additional Provision

Corporations claiming expenditures for the Fixed Capital Investment Credit cannot claim or use the same expenditures against any other corporation business tax credit.

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. §12-217w

32

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

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