CA SB1447

Establishes a $1,000 per net increase in qualified employees small business hiring credit for taxable years 2020-2021, capped at $100,000 per qualified small business employer.

Qualified small business employers must have employed 100 or fewer employees as of December 31, 2019, and experienced a 50-percent decrease in gross receipts comparing April-June 2020 to April-June 2019.

Allows qualified small business employers to irrevocably elect to apply income tax credits against qualified sales and use taxes for reporting periods from January 1, 2021, through April 30, 2026, instead of claiming the income tax credit.

Requires applications for tentative credit reservations between December 1, 2020, and January 15, 2021, with allocations on a first-come, first-served basis not to exceed $100,000,000 in aggregate.

Creates the Small Business Hiring Credit Fund in the State Treasury to administer the credits, with unused funds transferred to the General Fund by June 1, 2026; both income tax and sales tax credit sections expire December 1, 2021.