Form Ct-1120 Jet - Job Expansion Tax Credit - 2012
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1
2Department of Revenue Services
2012
Form CT-1120 JET
State of Connecticut
(New 01/13)
Job Expansion Tax Credit
For Income Year Beginning: _______________________ , 2012 and Ending: ________________________ , _________ .
Corporation name
Connecticut Tax Registration Number
Is a full-time job or, in the case of a qualifying employee, is a job
3.
General Information
in which an employee is required to work at least twenty hours
Complete this form in blue or black ink only.
per week for not less than forty-eight weeks in a calendar year.
Use Form CT-1120 JET, Job Expansion Tax Credit, to claim the
Qualifying employee means a new employee who, at the time of
credit allowed under Conn. Gen. Stat. §12-217pp. This form must be
hiring by the taxpayer:
used to claim the tax credit against the taxes imposed under Chapter
1.
Is receiving unemployment compensation;
207 (insurance premiums tax; health care centers tax), or Chapter
208 (corporation business tax). To take this tax credit against the tax
Has exhausted unemployment compensation benefits and has
2.
not had an intervening full-time job;
imposed by Chapter 229 of the Connecticut General Statutes, see
the applicable income tax instruction booklet.
3.
Is receiving vocational rehabilitative services from the Department
This credit is administered by the Connecticut Department of
of Rehabilitation Services;
Economic and Community Development (DECD). To be eligible to
4. Is receiving employment services from the Department of Mental
claim this credit an application must have been submitted to and
Health and Addiction Services; or
approved by DECD.
5.
Is participating in employment opportunities and day services,
Credit Computation
defined in Conn. Gen. Stat. §17a-226, operated or funded by the
The tax credit is equal to:
Department of Developmental Services.
•
$500 per month for each new employee.
Related person means:
•
$900 per month for each veteran employee or qualifying
1.
A corporation, limited liability company, partnership, association
employee.
or trust controlled by the taxpayer;
The new employee must be hired to fill a new job after January 1,
2.
An individual, corporation, limited liability company, partnership,
2012, and before January 1, 2014. The tax credit can be claimed in
association or trust that is in control of the taxpayer;
the income year of the hire and the next two income years.
3.
A corporation, limited liability company, partnership, association
Definitions
or trust controlled by an individual, corporation, limited liability
company, partnership, association or trust that is in control of
Full-time job means a job in which an employee is required to work
the taxpayer; or
at least thirty-five hours per week for not less than forty-eight weeks
4. A member of the same controlled group as the taxpayer.
in a calendar year. “Full-time job” does not include a temporary or
seasonal job.
Veteran employee means a new employee who, at the time of hiring
by the taxpayer, is a member of, was honorably discharged from or
New employee means a person who resides in this state and is hired
by a taxpayer on or after January 1, 2012, and prior to January 1,
released under honorable conditions from active service in the armed
forces, as defined in Conn. Gen. Stat. §27-103.
2014, to fill a new job. “New employee” does not include a person
who was employed in this state by a related person with respect to
Additional Information
a taxpayer during the prior twelve months.
Contact DECD, 505 Hudson Street, Hartford, CT 06106,
New job means a job that:
(860) 270-8215; or see Informational Publication 2010(13), Guide
1.
Did not exist in this state prior to a taxpayer’s application to DECD
to Connecticut Business Tax Credits; or contact the Department of
for certification under this section for a job expansion tax credit;
Revenue Services, Taxpayer Services Division at 1-800-382-9463
Is filled by a new, qualifying, or veteran employee, and
(Connecticut calls outside the Greater Hartford calling area only) or
2.
860-297-5962 (from anywhere).
Part I - Credit Computation
00
1. Enter the amount from Part II, Line 11
1.
00
2. Enter the amount from Part III, Line 11
2.
3. Tax credit: Add Line 1 and Line 2. Enter here and on Form CT-1120K, Part I-C, Column A, and/or Form CT-207K,
Part 1-A, Column B and Column C.
3.
00
If filing Form CT-1065/CT-1120SI, allocate the amount on Line 3 among members in Part VII, Line 2. If filing Form CT-1041, enter the amount on Line 3, on
Worksheet B, Line 7. If you are a sole proprietorship or a single member limited liability company that is disregarded as an entity separate from its owner and
subject to the provisions of Chapter 229 of the Connecticut General Statutes, enter the amount from Line 3, on Schedule CT-IT Credit, Line 4, Column C.
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