Form CT-1120DL Donation of Land Tax Credit - Connecticut

What Is Form CT-1120DL?

This is a legal form that was released by the Connecticut Department of Revenue Services - a government authority operating within Connecticut. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form CT-1120DL?A: Form CT-1120DL is the form used in Connecticut to claim the Donation of Land Tax Credit.

Q: What is the Donation of Land Tax Credit?A: The Donation of Land Tax Credit is a tax credit that allows individuals or corporations to receive a credit for donating land or conservation easements to eligible organizations.

Q: Who is eligible to claim the Donation of Land Tax Credit in Connecticut?A: Individuals or corporations who donate land or conservation easements to eligible organizations in Connecticut are eligible to claim the Donation of Land Tax Credit.

Q: What is the purpose of the Donation of Land Tax Credit?A: The purpose of the Donation of Land Tax Credit is to incentivize land conservation by providing a tax benefit to individuals and corporations who donate land or conservation easements.

Q: How do I claim the Donation of Land Tax Credit in Connecticut?A: To claim the Donation of Land Tax Credit in Connecticut, you must complete and file Form CT-1120DL, along with any required supporting documentation, with the Connecticut Department of Revenue Services.

Q: Is there a maximum amount of tax credit that can be claimed?A: Yes, there is a maximum amount of tax credit that can be claimed. The maximum credit is 50% of the fair market value of the donated land or conservation easement, up to a maximum credit of $2 million per taxpayer per taxable year.

Q: Are there any restrictions on the use of the tax credit?A: Yes, there are restrictions on the use of the tax credit. The credit cannot be used to reduce Connecticut tax liability below zero, and any unused credit cannot be carried forward or refunded.

Q: Are there any additional requirements for claiming the Donation of Land Tax Credit?A: Yes, there are additional requirements for claiming the Donation of Land Tax Credit. The donated land or conservation easement must meet certain criteria and be accepted by an eligible organization, and a qualified appraisal may be required.