CaliforniaPersonal Income Tax Law: Corporation Tax Law: New Employment Credit.
What it does
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including, for taxable years beginning on or after January 1, 2014, and before January 1, 2026, a credit for hiring qualified full-time employees, as defined, within a designated census tract or economic development area in an amount equal to 35% of the qualified wages, defined in part as those wages that exceed 150% of minimum wage but do not exceed 350% of minimum wage, paid to those employees multiplied by the applicable percentage for that taxable year. Existing law exempts certain taxpayers from the above-described census tract or economic development area requirement, as specified, and disallows the above-described credit for specified businesses. Existing law repeals the above-described provisions on December 1, 2029.
More detail
This bill would extend the operative date for the above-described tax credits through taxable years beginning before January 1, 2031. The bill would extend the above-described repeal date to December 1, 2034.
Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill also would include additional information required for any bill authorizing a new tax expenditure.
This bill would take effect immediately as a tax levy.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 14In committee: Held under submission.Latest
- May 14Joint Rule 62(a), file notice suspended. (Page 5030.)
- May 13In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- Apr 28From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 27). Re-referred to Com. on APPR.Minor
- Apr 27
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Apr 13In committee: Set, second hearing. Referred to REV. & TAX. suspense file.Minor
- Apr 6In committee: Set, first hearing. Hearing canceled at the request of author.
- Mar 19Re-referred to Com. on REV. & TAX.Minor
- Mar 18From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.Major
- Mar 9Referred to Com. on REV. & TAX.Minor
- Feb 20From printer. May be heard in committee March 22.
- Feb 19Read first time. To print.Introduced