CT-1120 HPC: Housing Program Contribution Credit (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-1120 HPC is used to claim Connecticut’s Housing Program Contribution Tax Credit for cash contributions to housing programs benefiting low and moderate income individuals and families. It reports the credit amount shown on a Connecticut Housing Finance Authority (CHFA) vou
Who files this form
Business firms use Form CT-1120 HPC to claim a tax credit for cash contributions to housing programs that benefit low- and moderate-income individuals and families.
To claim the credit, the Connecticut Housing Finance Authority (CHFA) must have issued the taxpayer a credit voucher showing the available credit amount.
What you'll need
- CHFA credit voucher: Use the voucher showing the credit for contributions made in the 2024 income year to complete Part I.
- Prior-year Forms CT-1120 HPC, as applicable: Part II references Part I of the 2019 through 2023 forms to calculate credit use and carryforwards.
Common mistakes
- Using the wrong year's form: Each form is year-specific. Use the correct year's form.
- Using another ink color or adding staples: Complete the form in blue or black ink only. Do not use staples.
- Carrying back credit before applying it to 2024: Available credit must first be applied against the 2024 income year liability. For Part II, Line 6, Column C, do not exceed Column A minus Column D.
- Leaving out shared credits: Members included in the 2024 Form CT-1120CU must include in Column D credits shared with and used by another member of the combined group.
Questions people ask
What amount do I enter in Part I?
Enter the credit amount shown on the CHFA voucher for contributions made in the 2024 income year. Also enter it on Form CT-1120K, Part I-A, Column A, and/or Form CT-207K, Part 1A, Column B.
Which taxes can this credit offset?
The credit may be applied against Connecticut taxes under Chapters 207 through 212: Insurance Companies and Health Care Centers Taxes, Corporation Business Tax, Air Carriers Tax, Railroad Companies Tax, Community Antenna Television Systems Tax, and Utility Companies Tax.
Can unused credit be carried to another year?
Yes. A remaining credit balance may be carried forward for five succeeding income years or carried back for five preceding income years. Available credit must first be applied against the 2024 income year liability.
Who can I contact for more information?
Contact the CHFA Tax Credit Unit at 860-571-4251 or at 999 West Street, Rocky Hill, CT 06067-4005. The Guide to Connecticut Business Tax Credits is also available at portal.ct.gov/DRS.