Form Ct-Irf - Insurance Reinvestment Fund Tax Credit - 2012
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1
2Department of Revenue Services
2012
Form CT-IRF
State of Connecticut
(Rev. 01/13)
Insurance Reinvestment Fund Tax Credit
For Income Year Beginning: _______________________ , 2012 and Ending: ________________________ , _________ .
Connecticut Tax Registration Number or Social Security Number (SSN)
Name of eligible taxpayer
• Form CT-1041, Connecticut Income Tax Return for Trusts and
Complete this form in blue or black ink only.
Estates - see Form CT-1041 instruction booklet.
Use Form CT-IRF, to claim the tax credit available for investments made
• Form CT-1065/CT-1120SI, Connecticut Composite Income Tax
through a fund manager in an insurance business as provided in Conn.
Return - see Form CT-1065/CT-1120SI instruction booklet.
Gen. Stat. §38a-88a. This form must be used to claim the tax credit
against the taxes imposed under Chapter 207 (insurance premiums
Applying Credit to Business Taxes
tax; health care centers tax), Chapter 208 (corporation business tax),
Taxpayers applying the Insurance Reinvestment Fund tax credit
Chapter 229 (income tax), or Section 38a-743 (surplus lines brokers
to any business tax under Chapter 207 (insurance premiums tax;
tax) of the Connecticut General Statutes.
health care centers tax) or Chapter 208 (corporation business tax)
General Information
must attach this form to the back of Form CT-1120K, Business Tax
Credit Summary and/or Form CT-207K, Insurance/Health Care Tax
This tax credit may only be claimed by taxpayers who have invested
Credit Schedule.
in an insurance business through a fund that meets all of the
requirements set forth in Conn. Gen. Stat. §38a-88a.
Available Credit
Any tax credit not used in the income year for which it is allowed may
The available tax credit is equal to the following percentages of
be carried forward for five succeeding income years until the full credit
the taxpayer investments through a fund that meets all of the
has been applied.
requirements provided in Conn. Gen. Stat. §38a-88a:
•
Income year in which the investment was made and the two
Any taxpayer allowed a credit may assign such credit to another
person, as defined in Conn. Gen. Stat. §12-1, provided such person
succeeding income years, 0%;
may claim the credit only with respect to a calendar year for which the
•
Third full income year following the year in which the investment
assigning taxpayer would have been eligible to claim the credit.
in the insurance business was made and the three succeeding
income years, 10%; and
Applying Credit to the Individual Income Tax
•
Seventh full income year following the year in which the investment
Taxpayers applying the Insurance Reinvestment Fund tax credit to
the Connecticut income tax will find instructions on how to claim the
in the insurance business was made and the two succeeding
income years, 20%.
credit on the following tax returns:
• Form CT-1040, Connecticut Resident Income Tax Return - see
Additional Information
Schedule CT-IT Credit, Income Tax Credit Summary.
See Informational Publication 2010(13), Guide to Connecticut
• Form CT-1040NR/PY, Connecticut Nonresident and Part-Year
Business Tax Credits, or contact DRS, Taxpayer Services Division
at 1-800-382-9463 (Connecticut calls outside the Greater Hartford
Resident Income Tax Return - see Schedule CT-IT Credit,
calling area only) or 860-297-5962 (from anywhere).
Income Tax Credit Summary.
Part I - Credit Computation
1.
Name of insurance fund in which the investment was made: ______________________________________________________
2.
Available credit is being claimed by:
An investor
An assignee
If credit is being claimed by an assignee, enter the name and Connecticut Taxpayer Identification Number (if available) of the
assignor below.
__________________________________________________
____________________________________________
Assignor’s name
Assignor’s Connecticut Tax Registration Number or SSN
3.
Credit is being applied against:
Chapter 207 (Insurance premiums tax; health care centers tax)
Chapter 208
Chapter 229
Conn. Gen. Stat. §38a-743
(Corporation business tax)
(Income tax)
(Surplus lines brokers tax)
4.
Tax credit: Enter total amount of Insurance Reinvestment Fund Tax Credit
4.
earned for the 2012 income year
Amount of Line 4 utilized against the tax imposed under Section 38a-743
5.
5.
(surplus lines brokers tax) of the Connecticut General Statutes.
Amount of Line 4 utilized against the taxes imposed under Chapter 207 (insurance premiums tax;
6.
6.
health care centers tax), Chapter 208 (corporation business tax) and Chapter 229 (income tax)
of the Connecticut General Statutes.
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