Connecticut General Statutes (Tax)
Conn. Gen. Stat. § 12-217ff
Tax credit for donation of land for educational use. No credit allowed on or after January 1, 2013
# (a)
For purposes of this section, “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 municipality or political subdivision of the state for educational use, as defined in section 16-43b.
# (b)
There shall be allowed a credit for all taxpayers against the tax imposed under section 12-217, in an amount equal to 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 difference between the use value of the donated land and the amount received for such land. For the purposes of this subsection, “use value” means a fair market value of land at its highest and best use, as determined by a certified real estate appraiser.
# (c)
A credit that is allowed under this section, with respect to any taxable year commencing on or after January 1, 2004, but is not used by a taxpayer may be carried forward to each of the successive income years until such credit is fully taken. In no case shall a credit that is not used be carried forward for a period of more than fifteen years.
# (d)
No tax credit shall be allowed under this section with respect to any donation of land for educational use made on or after January 1, 2013. (P.A. 04-200, S. 4; P.A. 13-232, S. 9.) History: P.A. 04-200 effective June 3, 2003; P.A. 13-232 added Subsec. (d) re discontinuation of credit on or after January 1, 2013, effective July 1, 2013, and applicable to income years commencing on or after January 1, 2013. See Sec. 12-217dd re tax credit for donation of land for educational use. (Return to ChapterTable of Contents) (Return toList of Chapters) (Return toList of Titles)
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In this chapter (40 sections)
- 12-213 · Definitions
- 12-214 · Imposition of tax. Surcharge
- 12-216 · Payment of tax by out-of-state corporations
- 12-216a · Payment of tax by companies having economic nexus with state.…
- 12-217 · Deductions from gross income. Net income and operating loss…
- 12-217aa · Order of credits
- 12-217aaa · Accumulated research and development tax credits
- 12-217bb · Tax credit for electric suppliers hiring displaced workers
- 12-217bbb · Accumulated research and experimental expenditures tax…
- 12-217cc · Tax credit for certain small businesses obtaining financing…
- 12-217dd · Tax credit for donation of land for open space or…
- 12-217e · Tax credits for certain manufacturing, service and eligible…
- 12-217f · Tax credit for employers participating in certain…
- 12-217ff · Tax credit for donation of land for educational use. No…
- 12-217g · Tax credits for apprenticeship training in manufacturing,…
- 12-217gg · Tax credit for employment expansion project
- 12-217h · Tax credit for expenditures to establish day care facilities…
- 12-217hh · Tax credit for hiring displaced worker
- 12-217i · Tax credits for investments in vehicles powered by clean…
- 12-217ii · Jobs creation tax credit program. No eligibility…
- 12-217j · Tax credit for research and experimental expenditures
- 12-217jj · Film production tax credit. Regulations
- 12-217k · Tax credit for employee training
- 12-217kk · Tax credit for infrastructure projects in the entertainment…
- 12-217m · Tax credit for taxpayers occupying new facilities and…
- 12-217mm · Tax credit for green buildings. No initial credit voucher…
- 12-217n · Rolling tax credit for research and development expenses.…
- 12-217nn · Qualified small business job creation tax credit program. No…
- 12-217o · Tax credit for machinery and equipment expenditures
- 12-217oo · Vocational rehabilitation job creation tax credit program.…
- 12-217p · Tax credits for taxpayer providing housing for low and…
- 12-217pp · Job expansion tax credit program. No credit allowed for new…
- 12-217qq · Tax credit for employers making student loan payments
- 12-217rr · Tax credits for cash contributions to youth development…
- 12-217s · Tax credit for expenditures related to traffic reduction…
- 12-217ss · Tax credits for share plan program
- 12-217t · Tax credit for personal property taxes paid on electronic…
- 12-217tt · Tax credit for contributions into ABLE accounts of employees
- 12-217u · Tax credit for financial institutions constructing new…
- 12-217v · Tax credit for qualifying corporations in enterprise zones