years, or record an encumbrance in favor of the funding source that will require the owner or owner’s successors to occupy the home for five years.
In no event will any credit allowed exceed $30,000 per dwelling unit for an historic home. The aggregate amount of tax credits reserved in any fiscal year may not exceed $3 million.
The credit is equal to the lesser of 30% of the projected qualified rehabilitation expenditures or 30% of the actual rehabilitation expenditures.
The credit may be carried forward for four years following the year in which the voucher was issued. No carryback is allowed.
How to Apply
Applications for the tax credit voucher must be made with CCT. Contact CCT at 860-566-3005, Ext. 317 for application information.
Complete Form CT-1120 HRC, Historic Rehabilitation Credit, and attach it to Form CT-1120K, Business Tax Credit Summary, to claim this credit.
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).
How to Compute the Credit
The tax credit must be taken by the holder of the tax credit voucher in the same year in which the voucher is issued.
The amount listed on the tax credit voucher must be entered on Form CT-1120 HRC and Form CT-1120K.
The credit may be applied to any of the following taxes:
Insurance companies, hospital and medical services corporations taxes (Chapter 207);
Health care centers tax (Chapter 207);
Corporation business tax (Chapter 208);
Air carriers tax (Chapter 209);
Railroad companies tax (Chapter 210);
Community antenna television system companies tax (Chapter 211); or
Utility companies tax (Chapter 212).
Where to Get Additional Information
Direct inquiries to:
Connecticut Commission on Culture and Tourism 59 South Prospect Street Hartford CT 06106
860-566-3005 Ext. 317 www.cultureandtourism.org
Conn. Gen. Stat. §10-416; Conn. Agencies Regs. §§10-320j-1 through 10-320j-9
TTY, TDD, and Text Telephone users only may transmit inquiries anytime by calling 860-297-4911.
Informational Publication 2006(15), Guide to Connecticut Business Tax Credits Issued: 04/24/07