CT-1120 FP: Film Production Tax Credit (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-1120FP is used to claim Connecticut's Film Production Tax Credit for qualified film production. It reports tax credit voucher details, credits applied to 2024 taxes, and credits available in 2025.
Who files this form
Use Form CT-1120FP to claim Connecticut’s Film Production tax credit for qualified film production. The claimant may be an eligible production company or an assignee.
You cannot claim the credit until the Connecticut Department of Economic and Community Development (DECD) issues a tax credit voucher showing the available credit amount.
What you'll need
Have the following information ready:
- Your DECD tax credit voucher number, issue date, and credit amount.
- The year the eligible production expenses or costs were incurred.
- The eligible taxpayer’s name, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- Credit amounts previously applied and amounts being applied for 2024, including amounts applied to other taxes.
Attach a copy of Schedule A for each tax credit voucher. If you are claiming the credit as an assignee, enter the assignor’s name and Connecticut Tax Registration Number, if available, and attach an explanation.
Common mistakes
- Using the wrong year’s form. Each form is year specific, and the correct year’s form must be used.
- Using ink other than blue or black, or stapling the form. The form requires blue or black ink and says not to use staples.
- Claiming the credit before DECD issues the tax credit voucher.
- Including forfeited credit amounts in the Credit Computation table, Lines 1 through 6, Columns B through D. The instructions say to exclude them.
- Leaving out credits shared with and used by another combined-group member. Members included in the 2024 Form CT-1120CU must include those credits in Column D.
Questions people ask
Which taxes can this credit offset?
The credit may be applied against Insurance Companies and Health Care Centers Taxes, Corporation Business Tax, Community Antenna Television Systems and One-Way Satellite Transmission Businesses Tax, and Sales and Use Tax. Assigned credits are subject to additional limits.
How is the credit percentage determined?
The percentage depends on qualified production expenses or costs:
- At least $100,000 but not more than $500,000: 10%.
- More than $500,000 but not more than $1 million: 15%.
- More than $1 million: 30%.
How long can the credit be claimed?
For vouchers issued on or after July 1, 2015, all or part of the credit may be claimed in the year the production expenses or costs were incurred or in any of the five succeeding years.
Can the credit be assigned to someone else?
Yes. The credit may be assigned in whole or in part no more than three times.
What limits apply to assigned credits used against Sales and Use Tax?
There must be common ownership of at least 50% between the eligible production company and the taxpayer assigned the credit. Only 92% of the credit may be claimed against Sales and Use Tax; the remainder is forfeited.