(a) Except as otherwise provided in section 12-217t and subsection (c) of this section, whenever a company is eligible to claim more than one corporation business tax credit, the credits shall be claimed for the income year in the following order:
- (1) Any credit that may be carried backward to a preceding income year or years shall first be claimed (A) with any credit carry-back that will expire first being claimed before any credit carry-back that will expire later or will not expire at all, and (B) if the credit carry-backs will expire at the same time, in the order in which the company may receive the maximum benefit; (2) any credit that may not be carried backward to a preceding income year or years and that may not be carried forward to a succeeding income year or years shall next be claimed, in the order in which the company may receive the maximum benefit; and (3) any credit that may be carried forward to a succeeding income year or years shall next be claimed (A) with any credit carry-forward that will expire first being claimed before any credit carry-forward that will expire later or will not expire at all, and (B) if the credit carry-forwards will expire at the same time, in the order in which the company may receive the maximum benefit.
- (b) In no event shall any credit be claimed more than once.
- (c) The rebate allowed pursuant to section 32-7t shall be claimed after all other credits have been claimed.
(P.A. 98-244, S. 10, 35; 98-261, S. 4, 6; P.A. 22-118, S. 424.)
History: P.A. 98-244 effective June 8, 1998, and applicable to income years commencing on or after January 1, 1998; P.A. 98-261 amended Subsec. (a) to add exception for Sec. 12-217t, effective June 8, 1998, and applicable to income years commencing on or after January 1, 1998; P.A. 22-118 added Subsec. (c) re JobsCT tax rebates allowed pursuant to Sec. 32-7t and amended Subsec. (a) by adding reference to Subsec. (c), effective July 1, 2022, and applicable to income years beginning on or after January 1, 2023.