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CA SBX611
Bill
AI Summary
- Authorizes hiring credits against personal income tax and corporation tax for taxable years beginning January 1, 2010 for employers who hire qualified employees
- Provides 25% credit on wages for qualified employees working 120-399 hours annually and 40% credit for those working 400+ hours, capped at $6,000 in wages per employee per year
- Defines qualified employees as CalWORKs recipients, parolees, veterans, unemployment insurance recipients, or persons on probation, as documented by the Employment Development Department
- Requires qualified taxpayers (California-based businesses) to obtain and retain EDD certification for each qualified employee and provide it to the Franchise Tax Board upon request
- Allows unused credits to carry over to succeeding taxable years until exhausted, and reduces wage deductions by the credit amount taken
Legislative Description
Taxes: credits: qualified employees.
Last Action
Set, first hearing. Hearing canceled at the request of author.
5/11/2010
Committee Referrals
Revenue and Taxation4/19/2010
Rules2/24/2010
Full Bill Text
No bill text available