CA SB1056

Allows a tax credit equal to 25% of wages (not exceeding $6,000) paid to each qualified veteran employed during the taxable year, effective for years beginning January 1, 2010 or later.

Applies to both personal income tax and corporation tax under California law.

Defines "qualified veteran" as an honorably discharged Armed Forces member within 5 years of employment who received at least 4 weeks of California unemployment compensation in the 12 months before hiring and works at least 120 hours during the taxable year.

Excess credits that exceed tax liability may be carried over to following years until exhausted.

Reduces any otherwise allowable deduction for qualified wages by the amount of the credit claimed.