Form CT-1120HP Historic Preservation Tax Credit - Connecticut

What Is Form CT-1120HP?

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-1120HP?
A: Form CT-1120HP is the form used in Connecticut to claim the Historic Preservation Tax Credit.

Q: What is the Historic Preservation Tax Credit?
A: The Historic Preservation Tax Credit is a tax incentive program in Connecticut designed to encourage the preservation and rehabilitation of historic properties.

Q: Who is eligible to claim the Historic Preservation Tax Credit?
A: Owners of qualified historic properties that undergo substantial rehabilitation work are eligible to claim the Historic Preservation Tax Credit.

Q: What types of properties qualify for the Historic Preservation Tax Credit?
A: Properties listed on the National Register of Historic Places or located in a local historic district may qualify for the Historic Preservation Tax Credit.

Q: What expenses are eligible for the Historic Preservation Tax Credit?
A: Qualified rehabilitation expenses, including those related to the structural, electrical, plumbing, and HVAC systems, may be eligible for the Historic Preservation Tax Credit.

Q: What is the process for claiming the Historic Preservation Tax Credit?
A: To claim the Historic Preservation Tax Credit, you must complete Form CT-1120HP and submit it with supporting documentation to the Connecticut Department of Revenue Services.

Q: Is there a maximum credit amount for the Historic Preservation Tax Credit?
A: Yes, the maximum credit amount for the Historic Preservation Tax Credit is $30,000 per property.

Q: Are there any deadlines for claiming the Historic Preservation Tax Credit?
A: Yes, the application for the Historic Preservation Tax Credit must be postmarked by December 31st of the year following the completion of the rehabilitation work.

Q: Are there any limitations or restrictions for the Historic Preservation Tax Credit?
A: Yes, there are certain limitations and restrictions for the Historic Preservation Tax Credit, including a minimum expenditure requirement and a recapture period if the property is sold or no longer meets the qualifications.