Schedule CT-BIO: Bioscience Worksheet (2025)
Connecticut · Connecticut DRS · Used for tax years 2025
Schedule CT-BIO is a worksheet used to calculate Connecticut’s Bioscience Venture Capital subtraction modification. It combines qualifying income from a fund’s disposition of equity interests in Connecticut bioscience businesses with management income multiplied by the fund’s bio
Who files this form
Complete the 2025 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.
What you'll need
Have the following information ready to complete the schedule:
- Your name and Social Security number, plus your spouse’s name and Social Security number if filing a joint return, or the pass-through entity’s name and FEIN, as applicable.
- Income received during the taxable year from the fund’s sale, exchange, or other disposition of equity interests in Connecticut bioscience businesses obtained through 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 total money invested in Connecticut bioscience businesses, to calculate its investment ratio on the last day of the taxable year.
Keep a copy of Schedule CT-BIO and any supporting documentation for your records. DRS may request them later.
Common mistakes
- Use blue or black ink only, and read the instructions before completing the schedule.
- Do not include income on Line 2 that you already reported on Line 1.
- Round the investment ratio on Line 3 to four decimal places. It cannot exceed 1.0000. If the ratio is zero or less, enter 0.
- Keep the completed schedule and supporting documentation. DRS may request them later.
Questions people ask
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.
Who counts as a general partner?
The definition includes a partner in a general partnership, a general partner in a limited partnership treated as a partnership for federal income tax purposes, and a partner in a limited liability partnership. It also includes a member of an LLC treated as a partnership for federal income tax purposes if the LLC is not managed by managers, or if the member is a member-manager of a manager-managed LLC.
What is a Connecticut bioscience business?
It is a business with its principal place of business in Connecticut that does one or more of the following:
- Manufactures pharmaceuticals, medicines, medical equipment, medical devices, or analytical laboratory instruments.
- Operates medical or diagnostic testing laboratories.
- Conducts 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 qualified venture capital fund raised. Line 3 uses the ratio on the last day of the taxable year.
Where do I enter the calculated subtraction?
Multiply Line 3 by Line 2 and enter the result on Line 4. Add Lines 1 and 4 to get Line 5. Enter that total 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 5, Line 13.