CA SB1349

Removes the requirement that work by qualified full-time employees be performed in designated census tracts or economic development areas for taxable years beginning on or after January 1, 2023.

Expands the definition of "qualified full-time employee" to include employees for whom the qualified taxpayer claimed a federal work opportunity credit, in addition to those who are unemployed, veterans, ex-offenders, or recipients of CalWORKs or general assistance.

Maintains the California New Employment Credit at 35 percent applicable credit percentage and qualified wages between 150 percent and 350 percent of minimum wage for taxable years 2014-2025.

Retains exclusions from "qualified taxpayer" status for temporary help services, retail trade, food services, and sexually oriented businesses, but exempts small businesses (under $2 million in gross receipts) from these exclusions.

Clarifies that aggregate tentative reservation amount determinations do not limit the total credits granted to all qualified taxpayers, and requires annual reporting to the Joint Legislative Budget Committee on credit claims and estimated amounts.