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Carryforward/Carryback Limitations

The tax credit may be carried forward for the five immediately succeeding income years until the full credit has been taken. No carryback is allowed.

How to Apply

Applications and registration information can be obtained by contacting DECD at 860-270-8128.

How to Compute the Credit

Recapture Provision

Computation procedures can be obtained by calling DECD at 860-270-8128.

No later than July 1 in each year that credits are claimed, the Commissioner of DECD may conduct a study to estimate the state revenue generated by the eligible project in which the investment is made. If the sum of all state revenue actually generated by the project is less than the amount of the total sum of tax credits claimed on the date of the analysis, the Commissioner of DECD may determine an applicable recapture amount and may revoke the certificate of eligibility.

Any taxpayer that has claimed credits related to a project for which the Commissioner of DECD has revoked the certificate of eligibility will be required to recapture its pro-rata share of the recapture amount, and no subsequent credit will be allowed unless the certificate of eligibility is reinstated. The amount of the credit that the taxpayer is required to recapture varies depending upon the year in which the tax credit is required to be recaptured as follows:

Where to Get Additional Information

Direct inquiries to:

Department of Economic and Community Development 505 Hudson Street Hartford CT 06106-7107

860-270-8128 www.ct.gov/ecd

REFERENCES: Conn. Gen. Stat. §32-9t

Year

Percentage

Year 4

90%

Year 5

65%

Year 6

50%

Year 7

30%

Year 8

20%

Years 9-10

10%

The Commissioner of Revenue Services may recapture the credit first from any taxpayer who claimed the credit, then from any taxpayer who assigned the credit, and finally, from any fund through which the investment was made.

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

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