(a) For purposes of this section:
(1) “Donation of open space land” means the value of any land or interest in land conveyed without financial consideration, or the value of any discount of the sale price in any sale of land or interest in land, to the state, a political subdivision of the state, a water company, as defined in section 25-32a, or to any nonprofit land conservation organization where such land is to be permanently preserved as protected open space or used as a public water supply source.
(2) “Donation of land for educational use” means the value of any land or interest in land conveyed without financial consideration, or the value of any discount of the sale price in any sale of land or interest in land, to any town, city or borough, whether consolidated or unconsolidated, or any school district or regional school district for educational use, as defined in section 16-43b.
(b) There shall be allowed a credit for all taxpayers against the tax imposed under this chapter, in an amount equal to fifty per cent of any donation of open space land and fifty per cent of any donation of land for educational use. For purposes of calculating the credit under this section, the amount of donation shall be based on the use value of the donated land and the amount received for such land. For purposes of this subsection, “use value” means the fair market value of land at its highest and best use, as determined by a certified real estate appraiser.
(c) A credit for the donation of open space land that is allowed under this section with respect to any taxable year commencing on or after January 1, 2000, but is not used by a taxpayer, may be carried forward to each of the successive income years until such credit is fully taken, but in no case shall a credit that is not used be carried forward for a period of more than twenty-five years. A credit for the donation of land for educational use that is allowed under this section with respect to any taxable year commencing on or after January 1, 2013, but is not used by a taxpayer, may be carried forward to each of the successive income years until such credit is fully taken, but in no case shall a credit that is not used be carried forward for a period of more than twenty-five years.
(P.A. 99-173, S. 47, 65; P.A. 00-203, S. 6, 8, 11; P.A. 04-200, S. 2; June Sp. Sess. P.A. 09-3, S. 96; P.A. 13-232, S. 8.)
History: P.A. 99-173 effective June 23, 1999, and applicable to income years commencing on or after January 1, 1999; P.A. 00-203 amended Subsec. (b) by defining use value, effective June 7, 2000, and applicable to all open space land donations made on or after income year commencing January 1, 1999, and added Subsec. (c) re tax credit carry forward, effective July 1, 2000; P.A. 04-200 amended Subsec. (a) to add interest in land to definition, to add a water company to the type of recipients permitted, and to add use as a public water supply source as a type of use permitted, amended Subsec. (b) to add “or as a public water supply source” and “and the amount received for such land”, and amended Subsec. (c) to replace “ten” with “fifteen”, effective June 3, 2004; June Sp. Sess. P.A. 09-3 amended Subsec. (c) to extend carry-forward period from 15 years to 25 years, effective September 9, 2009, and applicable to income years commencing on or after January 1, 2009; P.A. 13-232 amended Subsec. (a) by designating existing definition of “donation of open space land” as Subdiv. (1) and adding definition of “donation of land for educational use” as Subdiv. (2), added provisions allowing a credit for donation of land for educational use in Subsecs. (b) and (c), and made technical changes, effective July 1, 2013, and applicable to income years commencing on or after January 1, 2013.
Structure Connecticut General Statutes
Chapter 208 - Corporation Business Tax
Section 12-213. - Definitions.
Section 12-214. - Imposition of tax. Surcharge.
Section 12-216. - Payment of tax by out-of-state corporations.
Section 12-217aa. - Order of credits.
Section 12-217aaa. - Accumulated research and development tax credits.
Section 12-217bb. - Tax credit for electric suppliers hiring displaced workers.
Section 12-217dd. - Tax credit for donation of land for open space or educational use.
Section 12-217ee. - Refund of unused credits under sections 12-217j and 12-217n.
Section 12-217gg. - Tax credit for employment expansion project.
Section 12-217hh. - Tax credit for hiring displaced worker.
Section 12-217j. - Tax credit for research and experimental expenditures.
Section 12-217jj. - Film production tax credit. Regulations.
Section 12-217k. - Tax credit for employee training.
Section 12-217ll. - Tax credit for digital animation production companies. Regulations.
Section 12-217m. - Tax credit for taxpayers occupying new facilities and creating new jobs.
Section 12-217n. - Rolling tax credit for research and development expenses. Carryforward limit.
Section 12-217o. - Tax credit for machinery and equipment expenditures.
Section 12-217p. - Tax credits for taxpayer providing housing for low and moderate income employees.
Section 12-217qq. - Tax credit for employers making certain student loan payments.
Section 12-217s. - Tax credit for expenditures related to traffic reduction programs.
Section 12-217v. - Tax credit for qualifying corporations in enterprise zones.
Section 12-217w. - Tax credit for investment in fixed capital.
Section 12-217x. - Tax credit for human capital investment.
Section 12-217z. - Business Tax Credit and Tax Policy Review Committee.
Section 12-217zz. - Limit on credits under this chapter.
Section 12-218. - Apportionment of net income.
Section 12-218a. - Apportionment of tax on insurance company.
Section 12-218b. - Apportionment of net income of financial service companies.
Section 12-218g. - Net deferred tax liability and assets. Deductions.
Section 12-219. - Capital base tax. Phase-out. Surcharge.
Section 12-219a. - Apportionment of tax base in and out of state. Insurance companies excepted.
Section 12-219b. - Election with respect to apportionment of net income.
Section 12-221a. - Petition for alternative method of apportionment. Regulations.
Section 12-222. - Annual return. Designated taxable member of combined group. Duties.
Section 12-223. - Returns of affiliated corporations.
Section 12-223a. - Combined corporation business tax return.
Section 12-223b. - Intercompany rents and business receipts.
Section 12-223c. - Minimum tax in combined return.
Section 12-223d. - Assessments against one or more taxpayers in combined return.
Section 12-223e. - Readjustment of taxes on revision of combined return.
Section 12-223f. - Preference tax due from corporations filing a combined return.
Section 12-224. - Return of fiduciary.
Section 12-225. - Supplemental and amended returns. Refund claim.
Section 12-226. - Correction of returns; additional tax; refunds.
Section 12-226a. - Adjustments by the commissioner. Regulations.
Section 12-227. - Interest on refunds.
Section 12-228. - Refunds to be made from General Fund.
Section 12-229. - Failure to pay tax or make return. Penalty. Waiver of penalty authorized.
Section 12-230. - Forfeiture of corporate rights for failure to make returns.
Section 12-231a. - Formation of insurance company affiliate of holding company to evade tax.
Section 12-232. - Authority to take testimony under oath; subpoenas.
Section 12-234. - Settlement with Treasurer.
Section 12-235. - Delinquent taxes; interest; collection.
Section 12-235a. - Disallowance of credits if taxes due and unpaid.
Section 12-236. - Hearing by commissioner.
Section 12-238. - Abatement of taxes.
Section 12-239. - Abatement of taxes on motor bus company in receivership.
Section 12-240. - Publication and disclosure of information.
Section 12-241. - Tax to be in lieu of other taxes.
Section 12-241a. - Definition.
Section 12-242. - Regulations.
Section 12-242d. - Installment payment of estimated tax. Interest on under payments.
Section 12-242e. - Disposition of installments.
Section 12-242f. - Obligations of fiduciary.
Section 12-242g. - Overpayments.