DRS: Small Business Guaranty Fee Tax Credit 01MAR2012

Small Business Guaranty Fee Tax Credit

Conn. Gen. Stat. 12-217cc

 

This tax credit will not be available for income years beginning on or after January 1, 2014.

 

Description and Applicable Taxes

A tax credit is allowed against the tax imposed under Chapter 208 of the Connecticut General Statutes in an amount equal to the amount paid during the income year by a small business to the federal Small Business Administration as a guaranty fee to obtain guaranteed financing. 

 

 

Definition

Small business means any business entity qualifying as a small business under 13 CFR Part 121, which has gross receipts of $5 million or less for the income year in which the tax credit is first allowed.

 

 

Tax Credit Amount

The tax credit is equal to the amount paid during the income year as a guaranty fee to the federal Small Business Administration. 

 

 

Carryforward and Carryback Limitations

Any unused amount of the tax credit may be carried forward to any of the four succeeding income years. No carryback is allowed.

 

 

How to Claim the 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.

 

 

Where to Get Additional Information

Direct inquiries to:

Connecticut Department of Revenue Services

Taxpayer Services Division

25 Sigourney St Ste 2

Hartford CT 06106

1-800-382-9463 (Connecticut calls outside the Greater Hartford calling area only), or

860-297-5962 (from anywhere)

www.ct.gov/DRS

 

 

Statutory and Regulatory References

Conn. Gen. Stat. 12-217cc

 

 

Last updated March 1, 2012