CT-1120 HH: Historic Homes Rehabilitation Tax Credit (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-1120HH is used to claim Connecticut’s Historic Homes Rehabilitation Tax Credit. It reports the credit amount listed on a voucher issued by the Department of Economic and Community Development (DECD), credits applied to 2024, and unused credits carried forward to 2025.
Who files this form
Use Form CT-1120HH to claim the Historic Homes Rehabilitation tax credit under Conn. Gen. Stat. § 10-416.
An application to earn the credit is required, and you may claim the credit only if the Department of Economic and Community Development (DECD) has issued a tax credit voucher. The voucher is provided after the owner completes the rehabilitation work and DECD verifies it. It may be issued to the owner or to a taxpayer the owner names as contributing to the rehabilitation.
What you'll need
Have these items available to complete the form:
- Your DECD tax credit voucher showing the credit for the 2024 income year.
- Your corporation name, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- If you are calculating carryforwards, your 2020 through 2023 Forms CT-1120HH and records of credits already applied.
- Form CT-1120K and/or Form CT-207K, where the form directs you to also enter the 2024 credit amount.
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 says to use blue or black ink only and not to use staples.
- Claiming the credit without a DECD voucher. A voucher must have been issued before the credit can be claimed.
- Leaving shared credits out of Column D. Members included in the 2024 Form CT-1120CU must include credits shared to and used by another member of the combined group.
Questions people ask
What rehabilitation spending is needed to qualify?
Owners of historic homes must incur qualified rehabilitation expenditures that exceed $15,000.
How much is the credit?
The credit equals the lesser of 30% of projected qualified rehabilitation expenditures or 30% of actual rehabilitation expenditures. It is limited to $30,000 per dwelling unit, or $50,000 per dwelling unit for an owner that is a nonprofit corporation. On Part I, Line 1, enter the credit amount listed on the DECD voucher for the 2024 income year.
When must the voucher holder take the credit?
The voucher holder must take the credit in the same year the voucher is issued.
Can unused credit be carried forward or carried back?
Any remaining credit balance that exceeds the credit applied may be carried forward for four income years. No carryback is allowed, and the credit may not be assigned.