Unemployment Tax Credit Kt 740 Page 2
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1
2INSTRUCTIONS
Kentucky law permits an unemployment tax credit against the income tax liability of employers who hire qualified unem-
ployed Kentucky residents. The credit is $100 per qualified person hired. To qualify, the person employed must have been
officially unemployed for 60 days immediately prior to employment and must have remained employed for 180 consecutive
days during the tax year. The Education Cabinet, Office of Employment and Training must classify persons hired as being
unemployed.
A taxpayer/employer cannot claim the credit for an employee: (1) for whom the taxpayer/employer receives federally funded
payments for on-the-job training; or (2) who qualifies as a dependent of the taxpayer/employer for federal and state income
tax purposes; or (3) who is a relative of the taxpayer/employer, or an individual who owns more than 50 percent of the
outstanding stock of a corporation; or (4) if the taxpayer/employer is an estate or trust, who is a grantor, beneficiary or
fiduciary of the estate or trust, or who is a relative of the grantor, beneficiary or fiduciary.
Partnerships, S corporations, estates and trusts must pass through the unemployment tax credit pro rata to partners, share-
holders and beneficiaries. A copy of this schedule or other evidence of the credit must be furnished to the respective taxpayers.
Partners', shareholders' and beneficiaries' unemployment tax credit is limited to 90 percent of their Kentucky tax liability and
the excess may be carried back three years and forward 15 years. The limitation and credit are applied to the Kentucky income
tax liability before any prepayments or other cash payments are credited to the taxpayer's account for the taxable year.
This schedule must be attached to Form 740, 740-NP , 741, 765, 720 or 720S before credit will be allowed.
Employment Dates
Office of
Employment
Date
Date Employed
Employee's Name
Social Security Number
Employed
Through
and Training
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