Connecticut Administrative Code
Title 12 - Taxation
217kk - Film and Digital Media Infrastructure Tax Credit Program
Section 12-217kk-2 - Definitions

Universal Citation: CT Reg of State Agencies 12-217kk-2

Current through March 14, 2024

As used in sections 12-217kk-1 to 12-217kk-13, inclusive, of the Regulations of Connecticut State Agencies:

(1) "American Institute of Certified Public Accountants (AICPA)" shall mean the organization which establishes financial, accounting and auditing procedures to which certified public accounts (CPA's) must adhere.

(2) "Applicant" or "the applicant" shall mean, as the context of these regulations shall require:

(a) An entity undertaking an infrastructure project which applies to the Commission for eligibility certification with respect to that project; or,

(b) An entity which applies to the Commission for a tax credit voucher after eligibility certification for an infrastructure project.

(3) "Commission" shall mean the Connecticut Commission on Culture and Tourism.

(4) "Commissioner" shall mean the Commissioner of Revenue Services.

(5) "Detailed cost report" or "cost report" shall mean the itemized listing of eligible expenditures filed with the Commission in connection with an application for a tax credit voucher.

(6) "Eligible expenditures" means "Eligible expenditures" as defined in section 12-217kk of the Connecticut General Statutes.

(7) "Eligibility certification as a state certified project" or "eligibility certification" shall mean the written notice issued by the Commission certifying that an applicant's infrastructure project is a state-certified project.

(8) "Estimated cost report" shall mean the itemized listing of projected eligible expenditures filed with the Commission in connection with an application for eligibility certification.

(9) "Financial Accounting Standards Board (FASB)" shall mean the board designated by the AICPA to have the authority to set and specify generally accepted accounting principles (GAAP).

(10) "Income year" shall mean the period established by an applicant for federal income tax purposes.

(11) "Infrastructure project" or "project" means "Infrastructure project" as defined in section 12-217kk of the Connecticut General Statutes.

(12) "Investment" shall mean the total eligible expenditures for an infrastructure project which an applicant establishes to the satisfaction of the Commission.

(13) "State" shall mean the State of Connecticut.

(14) "State-certified project" means "State-certified project" as defined in section 12-217kk of the Connecticut General Statutes.

(15) "State-certified project tax credit voucher" or "voucher" shall mean the document issued by the Commission evidencing the tax credit authorized under the provisions of section 12-217kk of the Connecticut General Statutes and sections 12-217kk-1 through 12-217kk-13, inclusive, of the Regulations of Connecticut State Agencies.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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