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Connecticut Unrelated Business Income Tax Return

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Form CT-990T — Connecticut Unrelated Business Income Tax Return (2023)

Please note that each form is year specific. To prevent any delay in processing your return, the correct year’s form must be submitted to DRS.

This return MUST be filed electronically! DO NOT MAIL paper return to DRS.

Basic Information

Enter Income Year Beginning and Ending

Organization name

Connecticut Tax Registration Number

Number and street PO Box

Federal Employer ID Number (FEIN)

City, town, or post office State ZIP code

Filing Status and Organization Details

Organization is annualizing its income.

Type of organization: Corporation 401(a) or 408(a) trust Other trust Other:

Date unrelated trade or business began in Connecticut

Nature of unrelated trade or business income activity

Corporation only: Enter state of incorporation Date of organization

Date qualified in Connecticut if not incorporated in Connecticut

Change of: Mailing address Closing month

Return status: Amended return Initial return Final return

If final return: Dissolved Withdrawn Merged/reorganized Enter survivor’s CT Tax Reg. Number

Computation of Income

1. Federal unrelated business taxable income from 2023 federal Form 990-T

2. Federal net operating loss deduction claimed on 2023 federal Form 990-T

3. Federal deduction for Connecticut tax on unrelated business taxable income

4. Total: Add Lines 1, 2, and 3

5. Refund or credit for overpayment of Connecticut tax included in federal unrelated business taxable income

6. Unrelated business taxable income: Subtract Line 5 from Line 4

Computation of Tax

1. Unrelated business taxable income from Line 6 above

2. Apportionment fraction from Schedule A, Line 5

3. Connecticut unrelated business taxable income

4. Operating loss carryover from Schedule B, Line 21

5. Income subject to tax

6. Tax: Multiply Line 5 by 7.5%

Computation of Amount Payable

1. Tax

2. Reserved for future use

3. Total Tax

4. Tax credits from Form CT-1120K, Part III, Line 9

5. Balance of tax payable

6a. Paid with application for extension

6b. Paid with estimates

6c. Overpayment from prior year

6. Tax Payments

7. Balance of tax due (overpaid)

8a. Penalty

8b. Interest

8c. Form CT-1120I Interest

8. Total penalty and interest

9a. Amount to be credited to 2024 estimated tax

9b. Amount to be refunded

9. Total credited and refunded

For faster refund, use Direct Deposit by completing Lines 9c, 9d, and 9e.

9c. Checking Saving 9d. Routing #

9e. Account #

9f. Will this refund go to a bank account outside the U.S.? Yes 9g. Bank name

10. Balance due with this return

Signature Section

Officer or Fiduciary

Name of officer or fiduciary

Signature of officer or fiduciary

Date

Officer’s email address

Title

Telephone number

May DRS contact the preparer shown below about this return? Yes No

Paid Preparer

Paid preparer’s name

Paid preparer’s signature

Date

Preparer’s SSN or PTIN

Firm’s name and address

Firm’s FEIN

Telephone number

Schedule A — Unrelated Business Income Apportionment

Complete this schedule if the taxpayer’s unrelated trade or business is conducted at a regular place of business outside Connecticut.

Connecticut Tax Registration Number

Property (Average value)

1a. Inventories

1b. Tangible property

1c. Real property

1d. Capitalized rent

2a. Sales of tangibles

2b. Services

2c. Rentals

2d. Other

3. Wages, salaries, and other compensation

4. Total

5. Apportionment fraction

Schedule B — Connecticut Apportioned Operating Loss Carryover Applied to 2023

1. 2003 Connecticut net operating loss available for use in 2023

2. 2004 Connecticut net operating loss available for use in 2023

3. 2005 Connecticut net operating loss available for use in 2023

4. 2006 Connecticut net operating loss available for use in 2023

5. 2007 Connecticut net operating loss available for use in 2023

6. 2008 Connecticut net operating loss available for use in 2023

7. 2009 Connecticut net operating loss available for use in 2023

8. 2010 Connecticut net operating loss available for use in 2023

9. 2011 Connecticut net operating loss available for use in 2023

10. 2012 Connecticut net operating loss available for use in 2023

11. 2013 Connecticut net operating loss available for use in 2023

12. 2014 Connecticut net operating loss available for use in 2023

13. 2015 Connecticut net operating loss available for use in 2023

14. 2016 Connecticut net operating loss available for use in 2023

15. 2017 Connecticut net operating loss available for use in 2023

16. 2018 Connecticut net operating loss available for use in 2023

17. 2019 Connecticut net operating loss available for use in 2023

18. 2020 Connecticut net operating loss available for use in 2023

19. 2021 Connecticut net operating loss available for use in 2023

20. 2022 Connecticut net operating loss available for use in 2023

21. Total

Schedule C — Computation of Net Operating Loss Carryforward

1. Enter amount from Computation of Income, Line 6, if less than zero

2. Add back specific deduction claimed on 2023 federal Form 990-T

3. Subtotal

4. Apportionment fraction from Schedule A, Line 5

5. 2023 Connecticut net operating loss available for carryforward

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What the Connecticut Unrelated Business Income Tax Return covers

The Connecticut Unrelated Business Income Tax Return is the state filing that applies when a tax-exempt organization reports income from activities unrelated to its exempt purpose. It parallels the federal Form 990-T (Unrelated Business Income Tax Return) for reporting taxable unrelated business income (UBI) but reflects Connecticut tax rules, apportionment, and adjustments required by the Connecticut Department of Revenue Services. Organizations that earn UBI should reconcile federal and state calculations, determine Connecticut taxable income adjustments, and remit any state tax due according to Connecticut filing procedures.

Why accurate Connecticut UBI reporting matters

Properly completing the Connecticut Unrelated Business Income Tax Return limits exposure to penalties, ensures compliance with state adjustments to federal UBI, and preserves an organization’s exempt status by documenting taxable activity separately and transparently.

Why accurate Connecticut UBI reporting matters

Who typically files or prepares this return

Organizations with nominal passive income should still verify thresholds — a small amount of UBI can trigger a Connecticut filing obligation and associated reporting requirements.

  • Nonprofit organizations with unrelated business income
  • Tax professionals preparing nonprofit state filings
  • University/business unit tax officers

Step-by-step: Completing the Connecticut UBI return

Follow these sequential steps to prepare and file the Connecticut Unrelated Business Income Tax Return correctly.

  • 01
    Gather federal return: Obtain Form 990-T and supporting schedules first
  • 02
    Reconcile Connecticut adjustments: Apply state-specific addbacks or subtractions
  • 03
    Calculate Connecticut taxable UBI: Apportion income if multistate operations exist
  • 04
    Sign and submit: Complete signature, date, and choose filing channel

How the Connecticut filing process typically flows

This sequence describes typical routing from calculation to remittance for Connecticut UBI.

  • Compute federal UBI: Start with Form 990-T totals
  • Adjust for state rules: Apply Connecticut additions/subtractions
  • Determine tax due: Apply Connecticut tax rate and apportionment
  • File and pay: E-file or paper-file and remit payment

Configuring an electronic review and approval workflow

Set up an internal workflow so calculations, review, and approvals are auditable before submission.

Step Role / Action
Preparation Tax staff / Compile federal and state schedules
Review Senior accountant / Reconcile differences
Approval Treasurer or CFO / Authorize filing and payment
Submission Authorized filer / E-file or mail and record proof

Electronic filing and signing considerations

Maintain copies of signed returns and receipts in your records management system to support future audits or inquiries.

  • File formats: PDF and machine-readable attachments
  • Authentication: Email, SMS code, or stronger methods
  • Audit trail: IP, timestamp, and signer attribution

Typical filing deadlines and timing expectations

Know filing due dates and extension options to avoid late-filing penalties and interest on unpaid tax.

Connecticut due date:

Matches federal return period — verify with DRS for exact due date

Federal Form 990-T:

Generally due by the 15th day of the 5th month after the organization’s tax year end

Extension:

Federal extension procedures may extend filing date; confirm state extension rules

Payment timing:

Pay tax when due to avoid interest and penalties

Processing expectations:

E-file returns process faster than paper submissions

Key milestones from calculation to closure

Track these milestones to ensure the Connecticut UBI return is completed, reviewed, and filed on time.

01

Preparation complete

All federal and state schedules assembled and reconciled

02

Internal review

Senior reviewer validates adjustments and apportionment

03

Approval

Authorized officer signs off on tax due and filing method

04

Filing and payment

Return filed and payment transmitted to Connecticut DRS

Essential data elements for the Connecticut return

Organization name: Legal entity name used on IRS records
FEIN: Federal Employer Identification Number
Tax year: Fiscal or calendar year end
Gross UBI: Total unrelated business gross receipts
Deductions: Direct business deductions allocated to UBI
State adjustments: Connecticut-specific addbacks or subtractions

Penalties and risks for incorrect or late filing

Information return penalties: IRC §6721 applies to incorrect returns and can impose tiered penalties
Late-filing interest: Interest accrues on unpaid tax from the due date
Intentional disregard: Higher penalties apply for intentional disregard of filing requirements
State penalties: Connecticut may assess additional late and negligence penalties
Loss of exempt status risk: Repeated failures to report UBI can trigger regulatory review
Backup withholding: Missing or incorrect FEIN can cause 24% backup withholding

Common preparation mistakes to avoid

  • Mixing exempt program revenue with unrelated business receipts
  • Failing to apply Connecticut-specific additions or subtractions
  • Using incorrect FEIN or organization name on the return
  • Missing apportionment for multistate activities

eSignature vendor comparison for signing and submitting tax returns

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Real-world examples of Connecticut UBI scenarios

These compact case arcs show how different organizations encounter and resolve Connecticut UBI obligations.

Community Theater

A nonprofit theater rents space for private events and records rental fees as UBI

  • The rental is documented separately and eligible deductions are allocated
  • After reconciliation the group filed the Connecticut return, paid tax on net income, and retained schedules for audit support

University Auxiliary

A university operates a retail bookstore that generates taxable income

  • Sales and direct costs were segregated and apportioned across states
  • The university filed Form 990-T federally and the Connecticut UBI return with detailed schedules to support state adjustments

Frequently asked questions about Connecticut UBI filings

Answers to common questions about thresholds, signatures, and recordkeeping when preparing the Connecticut Unrelated Business Income Tax Return.


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