Personal Income Tax Law: Corporation Tax Law: New Employment Credit.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill extends a tax credit available to businesses that hire qualified full-time employees in designated census tracts or economic development areas. Specifically, it extends the dates for which this credit is available through taxable years beginning before January 1, 2031, and December 1, 2034. The bill also includes additional requirements for authorizing new tax expenditures, such as specific goals and performance indicators. It also clarifies eligibility for the credit, particularly for businesses involved in semiconductor manufacturing, electric airplane manufacturing, lithium production, and lithium battery manufacturing.
Key provisions
- Extends the operative date for the new employment credit to taxable years beginning before January 1, 2031.
- Extends the repeal date for the credit to December 1, 2034.
- Clarifies eligibility requirements for qualified full-time employees, including minimum wage and location requirements.
- Expands the definition of ‘qualified taxpayer’ to include businesses involved in semiconductor manufacturing, electric airplane manufacturing, lithium production, and lithium battery manufacturing.
- Requires new tax expenditure bills to include specific goals, performance indicators, and data collection requirements.
- Adds requirements for verifying employment and providing information to the Franchise Tax Board.
- Addresses relocation of employees and the conditions under which the credit can be claimed.
Who is affected
Bill text
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