How to Apply
Small Business Guaranty Fee Tax Credit
Complete Form CT-1120 SBA, Small Business Administration Guaranty Fee Tax Credit, and attach it to Form CT-1120K, Business Tax Credit Summary.
A tax credit is allowed against the Connecticut corporation business tax in an amount equal to the amount paid during the income year by a small business to the federal Small BusinessAdministration as a guaranty fee to obtain guaranteed financing.
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.
Small business means any business entity qualifying as a small business under 13 CFR Part 121, which has gross receipts of not more than $5 million for the income year in which the credit is first allowed.
The credit is equal to the amount paid during the income year as a guaranty fee to the federal Small Business Administration.
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)
Any unused amount of the credit may be carried forward to any of the four succeeding income years. No carryback is allowed.
REFERENCES: Conn. Gen. Stat. §12-217cc
Informational Publication 2006(15), Guide to Connecticut Business Tax Credits Issued: 04/24/07