CT-RSLP: Application for Refund of Student Loan Payment Tax Credits by a Qualified Small Business (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-RSLP is Connecticut’s application for a refund of 2024 Student Loan Payment tax credits by a qualified small business. It reports the company’s gross receipts and calculates the refund requested after subtracting credits applied against Corporation Business Tax or Insuran
Who files this form
A qualified small business uses Form CT-RSLP to request a refund of Student Loan Payment tax credits.
For this refund, a qualified small business is a qualified employer with gross receipts of no more than $5 million for the calendar or income year for which the credit is allowed. Gross receipts include amounts received from all sources, without subtracting costs or expenses. For a short income year, annualize gross receipts.
The form covers credits earned under the Corporation Business Tax or the Insurance Companies and Health Care Centers Taxes.
What you'll need
Attach all of the following to Form CT-RSLP, or the refund will be disallowed:
- A copy of the fully completed Form CT-SLP, Student Loan Payment Tax Credit.
- Proof of payment to the Connecticut Higher Education Supplemental Loan Authority (CHESLA).
- A detailed schedule identifying each employee as a full-time, qualified employee for the Student Loan Payment tax credit.
To calculate the refund, you will also need:
- Total company gross receipts for the current income year from all sources.
- The 2024 credit amount from Form CT-SLP, Part I, Line 2.
- The 2024 credit applied against tax liabilities from Form CT-207K, Part 1B, Line 7, Column B, or Form CT-1120K, Part I-B, Line 8, Column C.
How to file
- Use the correct year's form and complete it in blue or black ink. Do not use staples.
- Enter the income-year dates, company name, Connecticut Tax Registration Number, and contact information. Form CT-1120CU filers must also enter the designated taxable member's name and registration number. Check the box for the tax under which the credits were earned.
- Complete Part I with gross receipts, annualized if the application is for a short period.
- In Part II, enter the 2024 Student Loan Payment tax credit on Line 1 and the amount applied against tax liabilities on Line 2. Subtract Line 2 from Line 1 to calculate the refund claimed on Line 3.
- Attach Form CT-SLP and all required supporting schedules and documentation.
- Check the refund box at the top of the applicable return, Form CT-1120, CT-1120CU, 207, 207F, or 207 HCC, and enter the requested refund amount.
At the same time you file that tax return, mail Form CT-RSLP and its supporting information separately to:
Department of Revenue Services
PO Box 150420
Hartford CT 06115-0420
Common mistakes
- Using the wrong year's form. Each form is year specific, and the correct year's form must be used.
- Claiming a refund when gross receipts exceed $5 million. The company is not eligible. Do not check the refund box on the applicable tax return.
- Not annualizing gross receipts for a short period. Part I says to annualize them.
- Leaving out required attachments. The refund will be disallowed without the completed Form CT-SLP, proof of CHESLA payment, and detailed employee schedule.
- Sending the application with the tax return. Form CT-RSLP must be filed separately, at the same time as the applicable return.
- Using staples or ink other than blue or black. The form says not to use staples and to complete it in blue or black ink only.
Questions people ask
What counts as gross receipts?
Gross receipts are the total amounts received from all sources during the annual accounting period, without subtracting costs or expenses.
What if my company has a short income year?
Annualize the company's gross receipts when completing Part I.
How do I calculate the refund amount?
In Part II, subtract the 2024 Student Loan Payment tax credit applied against tax liabilities on Line 2 from the 2024 credit amount on Line 1. Enter the difference on Line 3 as the refund claimed.
Do I file Form CT-RSLP with my business tax return?
No. Mail it separately with its required supporting information at the same time you file the applicable business tax return. Check the refund box on that return and enter the requested refund amount.
What happens if I leave out an attachment?
The refund will be disallowed if you do not attach the fully completed Form CT-SLP, proof of payment to CHESLA, and a detailed schedule identifying each employee as a full-time, qualified employee.