CT-UISR: Urban and Industrial Site Reinvestment Credit (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Form CT-UISR is used to claim Connecticut’s Urban and Industrial Site Reinvestment Tax Credit for 2024. It reports eligible projects, credits claimed by investors or assignees, and credit amounts applied to 2024 or carried forward to 2025.
Who files this form
Use Form CT-UISR to claim the Urban and Industrial Site Reinvestment Tax Credit as an investor or an assignee for investments in:
- Eligible industrial site investment projects.
- Eligible urban reinvestment projects.
- An eligible project that preserves a historic facility and redevelops it for mixed uses, including at least four housing units, with an investment having a total asset value of at least $2 million.
To be eligible, a written application must have been submitted to and approved by the Commissioner of the Department of Economic and Community Development (DECD).
This form must be used to claim the credit against any combination of the taxes under Chapters 207, 208, 208a, 209, 210, 211, or 212, or Conn. Gen. Stat. § 38a-743.
What you'll need
Have the following information ready to complete the form:
- The eligible taxpayer’s name, Connecticut Tax Registration Number, and income-year beginning and ending dates.
- Names of the eligible projects in which investments were made.
- Whether the claimant is an investor or an assignee, and which tax the credit will offset.
- The total credit allowed for the 2024 income year and any amount claimed on Form SL-9.
If you are an assignee, enter the assignor’s name and Connecticut taxpayer identification number, if available, and attach an explanation.
For carryforward calculations, use Part I, Line 4 of the applicable 2019 through 2023 Forms CT-UISR, along with the amounts of credit already applied for each corresponding year.
Common mistakes
- Using the wrong year’s form: Each form is year-specific. Use the correct year’s form.
- Using other ink or staples: Complete the form in blue or black ink only. Do not use staples.
- Including prior-year credits in Part I, Line 4: Enter only the credit allowed for the 2024 income year. Use Part II to claim eligible prior-year credits in 2024.
- 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
Can unused credits be carried forward?
Yes. Credit not used in the income year for which it is allowed may be carried forward for the five immediately succeeding income years, until fully applied.
Can I assign the credit to another taxpayer?
Yes. A taxpayer allowed a credit may assign all or part of it. The assignee may claim it only for a taxable year in which the assignor would have been eligible to claim it. The assignee cannot assign it again.
How is the credit spread over time?
The credit is allowable over ten years, based on these percentages of approved investments:
- Investment year and the next two income years: 0%.
- Third full income year after the investment year and the next three income years: 10% per year.
- Seventh full income year after the investment year and the next two income years: 20% per year.
Where can I get application and registration information?
Contact DECD. The form also directs taxpayers to the Guide to Connecticut Business Tax Credits at portal.ct.gov/DRS for additional information.