Can payroll taxes and fringe benefits be included?
No. These expenses are deemed actual employee expenses and not training expenses. Credit Percentage The credit percentage varies from 3% to 5%, depending upon the income year during which the amount is spent. The yearly percentages are: For Income Years Beginning on or After Credit Percentage January 1, 1998 January 1, 1999 January 1, 2000 3% 4% 5% Carryforward/Carryback Limitations Any credit not used during the income year may be carried forward to the next five succeeding income years until the entire credit is used. How to Apply Complete Form CT-1120 HCIC, Human Capital Investment Credit. This form can be obtained from the DRS Forms Unit by calling 860-297-5962 or 1-800-382-9463 (in-state). Forms may also be obtained 24 hours a day either by calling DRS Tax-Fax, 860-297-5698, or from our Web site: http://www.ct.gov/drs Additional Provisions • The credit claimed cannot exceed the amount of tax liability. • Corporations claiming expenditures for the Human Capital Investment Credit ca
