CT-1120 HS: Historic Structures Rehabilitation Tax Credit (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-1120HS is used to claim Connecticut’s Historic Structures Rehabilitation Tax Credit for rehabilitating certified historic structures for residential use. It reports the credit amount on a voucher issued by the Department of Economic and Community Development (DECD), the c
Who files this form
Use the 2024 Form CT-1120HS to claim the Historic Structures Rehabilitation tax credit for rehabilitating certified historic structures for residential use. You may claim as:
- An owner.
- An assignee who received the credit from an owner.
- A taxpayer named by the owner as contributing to the rehabilitation.
You may claim the credit only if the Department of Economic and Community Development (DECD) has issued a tax credit voucher.
The credit may be applied against Connecticut taxes on insurance companies and health care centers, corporation business, air carriers, railroad companies, community antenna television systems, or utility companies.
What you'll need
Have the following information available to complete the form:
- The DECD tax credit voucher showing the credit amount for the 2024 income year.
- The eligible taxpayer’s name, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- If you are an assignee, the assignor’s name and Connecticut Tax Registration Number, if available. Attach an explanation.
- If you are calculating carryforwards, the credit amounts from Part I, Line 1 of the applicable 2019 through 2023 Forms CT-1120HS, along with amounts previously applied and amounts applied to 2024.
Common mistakes
- Using the wrong year’s form: Each form is year specific. Use the 2024 form for the 2024 income year.
- Using the wrong ink or staples: Complete the form in blue or black ink only. Do not use staples.
- Claiming without a voucher: The credit may be claimed only after DECD has issued a tax credit voucher.
- Reassigning an assigned credit: An assignee may not further assign the credit.
- Carrying the credit back: No carryback is allowed.
- Leaving out shared credits: Members included in the 2024 Form CT-1120CU must include in Part II, Column D credits shared to and used by another member of the combined group.
Questions people ask
What must an owner do before rehabilitation work begins?
Before any work takes place, the owner must submit a rehabilitation plan and an estimate of qualified expenditures to DECD. DECD certifies the plan and reserves credits equal to 25% of projected expenditures, up to $2.7 million.
When can the credit be claimed?
The credit may be claimed in the year the substantially rehabilitated certified historic structure is placed in service. For projects completed in phases, the credit is prorated to the substantially rehabilitated identifiable portion of the building placed in service. An assignee must claim the credit in the same year the assignor would have been eligible to claim it.
What amount goes on Part I, Line 1?
Enter the credit amount listed on the DECD voucher for the 2024 income year. Also enter it on Form CT-1120K, Part I-C, Column B, or Form CT-207K, Part 1C, Column B.
Can unused credit be carried forward?
Yes. Any remaining credit balance that exceeds the credit applied may be carried forward for five income years. No carryback is allowed. Part II calculates the credit applied to 2024 and the amount carried forward to 2025.