Schedule CT-BIO: Bioscience Worksheet (2024)
Connecticut · Connecticut DRS · Used for tax years 2024
Schedule CT-BIO is Connecticut’s worksheet for calculating the Bioscience Venture Capital subtraction modification. It uses a general partner’s income from dispositions of a qualified venture capital fund’s equity interests in Connecticut bioscience businesses, management income,
Who files this form
Complete Schedule CT-BIO if you are a general partner of a qualified venture capital fund that invests in a Connecticut bioscience business. The schedule calculates the Bioscience Venture Capital subtraction modification.
For this schedule, a general partner includes:
- A partner in a general partnership.
- A general partner in a limited partnership treated as a partnership for federal income tax purposes.
- A partner in a limited liability partnership.
- A member of a limited liability company treated as a partnership for federal income tax purposes, if the company is not managed by managers or the member is a member-manager.
What you'll need
The worksheet calls for:
- Individual names and Social Security numbers, including the spouse’s information for a joint return, or the pass-through entity’s name and Federal Employer Identification Number.
- Income received during the taxable year from the fund’s sale, exchange, or other disposition of its equity interest in a Connecticut bioscience business, from investments made on or after January 1, 2018.
- Management income received during the taxable year for managing the qualified venture capital fund.
- The fund’s total capital raised and money invested in Connecticut bioscience businesses, used to calculate the investment ratio on the last day of the taxable year.
Keep a copy of Schedule CT-BIO and any supporting documentation. DRS may request them later.
How to file
Complete the worksheet in blue or black ink only.
- Enter qualifying income from dispositions of the fund’s equity interests on Line 1.
- Enter management income on Line 2, excluding amounts already reported on Line 1.
- Enter the year-end bioscience investment ratio on Line 3.
- Multiply Line 3 by Line 2 and enter the result on Line 4.
- Add Lines 1 and 4. Enter the total on Line 5 and on the applicable return:
- Form CT-1040, Line 49.
- Form CT-1040NR/PY, Line 51.
- Form CT-1040X, Line 49.
- Form CT-1065/1120SI, Part 1, Schedule C, Line 12.
The provided text does not give mailing or e-filing directions.
Common mistakes
- Do not include income on Line 2 that you already reported on Line 1.
- Do not enter a Line 3 ratio greater than 1.0000. If the ratio is zero or less, enter 0. Round to four decimal places.
- Use blue or black ink only, and read the instructions before completing the schedule.
- Keep a copy of the schedule and supporting documentation for your records. DRS may request them later.
Questions people ask
What does Schedule CT-BIO calculate?
It calculates the Bioscience Venture Capital subtraction modification.
What is a qualified venture capital fund?
It is a venture capital fund as defined in 17 CFR 275.203(l)-1 that was established on or after January 1, 2018.
What counts as a Connecticut bioscience business?
The business must have its principal place of business in Connecticut and engage in at least one of these activities: manufacturing pharmaceuticals, medicines, medical equipment, medical devices, or analytical laboratory instruments; operating medical or diagnostic testing laboratories; or conducting pure research and development in life sciences.
How is the bioscience investment ratio calculated?
Divide the total money the fund invested in Connecticut bioscience businesses by the total capital the fund raised. Use the ratio on the last day of the taxable year for Line 3. Round to four decimal places; the number cannot exceed 1.0000, and a ratio of zero or less must be entered as 0.