HB4823 Summary

• Creates a second set of incentive periods for the Small Business Job Creation Tax Credit Act running from July 1, 2020 through June 30, 2026.

• Increases the maximum tax credit per new employee hired from $2,500 to $5,000.

• Raises the overall cap on credits awarded under the Act from $50,000,000 to $75,000,000.

• Modifies the "Applicant" definition and other provisions to apply differently to the first set of incentive periods (2010-2016) versus the second set (2020-2026).

• Takes effect immediately upon becoming law.