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Kentucky Free Printable  for 2024 Kentucky Unemployment Tax Credit

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Unemployment Tax Credit
Schedule UTC

SCHEDULE UTC 2023 UNEMPLOYMENT TAX CREDIT Commonwealth of Kentucky Department of Revenue  See instructions. KRS 141.065  Attach to Form 720, 720U, PTE, 725, 740, 740-NP, or 741. Name of Entity Social Security Number __ __ __ – __ __ – __ __ __ __ Street Address Apt. Number City State ZIP Code Federal Identification Number __ __– __ __ __ __ __ __ __ Kentucky Corporation/LLET Account Number __ __ __ __ __ __ PERSONS EMPLOYED Enter below the name(s), Social Security number(s), and Office of Employment and Training Certificate number(s) of employee(s) for whom you are claiming a credit and enter the date employed and the last date the employee was on your payroll during the tax year. Employee’s Name Social Security Number Office of Employment and Training Certificate Number Employment Dates Date Employed Mo. Day Yr. Date Employed Through Mo.  1  2  3  4  5  6  7  8  9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Enter total number of employees listed above........................................................................................... 24 230020 42A740-UTC (10-23) Page 1 of 2 Day Yr. Schedule UTC (2023) Page 2 of 2 PERSONS EMPLOYED—continued 25 Enter total number of employees listed on line 24.................................................................................. 25 26 Unemployment tax credit (multiply line 25 by $100)............................................................................... 26 27 Form 720 or 720U—Enter on Schedule TCS, Part II, Columns E and F................................................ 27 28 Form PTE—Enter on Schedule TCS, Part II, Column E and on PTE, Schedule K. General Partnerships only enter on Form PTE, Schedule K........................................................................... 28 29 Form 725—Enter on Schedule TCS, Part II, Column E.......................................................................... 29 30 Form 740—Enter on Schedule ITC, Section A, Line 7........................................................................... 30 31 Form 740-NP—Enter on Schedule ITC, Section A, Line 7..................................................................... 31 32 Form 741—Enter on Form 741, Line 18................................................................................................. 32 INSTRUCTIONS FOR SCHEDULE UTC KRS 141.065(2) provides a tax credit for a taxpayer against the taxes imposed by KRS 141.020 or 141.040 and 141.0401 in an amount equal to one hundred dollars ($100) for each person hired by the taxpayer. The person(s) must have been classified as unemployed by the Education and Workforce Development Cabinet, Department of Workforce Investment, Office of Development and Training for at least sixty (60) days prior to employment by the taxpayer. The person(s) must remain employed by the taxpayer for at least one hundred eighty (180) consecutive days during the taxable year in which the credit is claimed. This credit is subject to the ordering of credits per KRS 141.0205. KRS 141.065(3) provides that no credit shall be allowed to any taxpayer for any person hired under any of the following circumstances: (a) A person for whom the taxpayer receives federally funded payments for on–the–job training; (b) For any person who bears any of the relationships to the taxpayer described in paragraphs (1) through (8) of Section 152(a) of the Internal Revenue Code OR if the taxpayer is a corporation, to an individual who owns, directly or indirectly, more than fifty percent (50%) in value of the outstanding stock of the corporation as determined with the application of Section 267(c) of the Internal Revenue Code; (c) If the taxpayer is an estate or trust, to any person who is a grantor, beneficiary, or fiduciary of the estate or trust, or is an individual who bears any of the relationships described in paragraphs (1) through (8) of Section 152(a) of the Internal Revenue Code to a grantor, beneficiary, or fiduciary of the estate or trust; or (d) To any person who is a dependent of the taxpayer as described in Section 152(a)(9) of the Internal Revenue Code OR if the taxpayer is an estate or trust, of a grantor, beneficiary, or fiduciary of the estate or trust. KRS 141.065(4) and (5) provide that related corporations or unincorporated trades and business shall be treated as a single employer for purposes of the tax credit and in no instance shall the credit for any qualified employee be claimed more than once for any tax year. KRS 141.065(6) provides that no tax credit shall be allowed to any organization which is exempt from income tax as provided by KRS Chapter 141. KRS 141.065(7) provides that the tax credit for a pass–through entity shall be applied at the entity level against the limited liability entity tax imposed by KRS 141.0401 and shall be distributed to each partner, member, or shareholder based on the partner’s, member’s, or shareholder’s pro rata share. KRS 141.065(8) provides that the tax credit for an estate or trust shall be apportioned between the estate or trust and the beneficiaries on the basis of income of the estate or trust allocable to each. 230021 42A740-UTC (10-23) Page 2 of 2
Extracted from PDF file 2023-kentucky-schedule-utc.pdf, last modified June 2023

More about the Kentucky Schedule UTC Corporate Income Tax Tax Credit TY 2023

We last updated the Unemployment Tax Credit in February 2024, so this is the latest version of Schedule UTC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule UTC directly from TaxFormFinder. You can print other Kentucky tax forms here.


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Other Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form PTE Instructions Kentucky Pass-Through Entity Income and LLET Return - Instructions
Form 720S Kentucky S Corporation Income Tax and LLET Return
Schedule A Apportionment and Allocation for corporations and pass-through entities taxable both within and without Kentucky - Schedule 41A720A
Form 725 Kentucky Single Member LLC Individually Owned & LLET Return
Form 92A205 Inheritance Tax Return - Short Form

Download all KY tax forms View all 130 Kentucky Income Tax Forms


Form Sources:

Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule UTC from the Department of Revenue in February 2024.

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Schedule UTC is a Kentucky Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Kentucky Schedule UTC

We have a total of ten past-year versions of Schedule UTC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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