CA SB1179

Reduces the total amount of tax credit that may be allocated for hiring qualified full-time employees from $400,000,000 to $375,000,000 for both personal income tax and corporation tax purposes.

Creates a new $25,000,000 credit for hiring disabled veterans as full-time employees, available to employers primarily engaged in manufacturing (NAICS code 339113), with $3,000 credit per disabled veteran hired beginning in taxable year 2013.

Maintains existing $3,000 per employee hiring credit for qualified employers with 20 or fewer employees, but limits total allocation to $375,000,000 instead of $400,000,000.

Specifies that credits are allowed only on timely filed original returns received by the Franchise Tax Board before a designated cut-off date when cumulative credits reach the stated limits, with disallowances treated as mathematical errors.

Requires two-thirds vote approval in each legislative house as the bill increases certain taxpayers' tax liability under California Constitution Article XIII A, Section 3.