CT-1120 FPI: Film Production Infrastructure Tax Credit (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-1120 FPI is used to claim Connecticut’s Film Production Infrastructure Tax Credit for an investment in a state-certified entertainment infrastructure project. It reports DECD tax credit voucher details, credits applied to 2024 taxes, and credits available in 2025.
Who files this form
Use Form CT-1120 FPI to claim the Film Production Infrastructure tax credit for an investment in a state-certified entertainment infrastructure project. The form allows the credit to be claimed by 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 listing the available credit amount.
What you'll need
- DECD tax credit voucher information, including the voucher number, the year eligible expenditures were incurred, and the qualified credit amount.
- A copy of Schedule A for each tax credit voucher, attached to the form.
- The eligible taxpayer’s name, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- If claiming the credit as an assignee, the assignor’s name and Connecticut Tax Registration Number, if available. Attach an explanation as directed on Schedule A.
- Credit records needed to complete the computation, including credits earned for eligible expenditures in 2021 through 2024, credits previously applied, and credits applied to 2024.
Common mistakes
- Using the wrong year’s form. Each form is year-specific, so use the correct year’s version.
- Completing the form in ink other than blue or black, or using staples. The form requires blue or black ink only and says not to use staples.
- Claiming the credit before DECD issues a tax credit voucher.
- Leaving out a separate Schedule A copy for each tax credit voucher.
- For members included in the 2024 Form CT-1120CU combined return, leaving credits shared to and used by another group member out of Column D.
Questions people ask
How much is the credit?
The credit equals 20% of the taxpayer’s investment, provided the investment is at least $3 million.
Which taxes can this credit offset?
The credit may be applied against taxes imposed under Chapter 207, Insurance Companies and Health Care Center Taxes, and Chapter 208, Corporation Business Tax.
Can the credit be assigned to someone else?
Yes. The credit may be assigned in whole or in part no more than three times.
When can the credit be claimed?
All or part of the credit may be claimed in the year the state-certified project expenses or costs were incurred, or in any of the three succeeding years.
How do I calculate the totals for 2024 and 2025?
For the total credit applied to 2024, add Lines 1 through 4 of Column D and enter the result on Line 5. For the total credit available in 2025, add Lines 2 through 4 of Column E and enter the result on Line 6.