CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION
An act to add and repeal Section 17053.75 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
The Personal Income Tax Law allows various credits against the taxes imposed by that law.
This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2023, and before January 1, 2028, in an amount equal to 40% of the amount paid or incurred by a qualified taxpayer during the taxable year for qualified wages of qualified employees, not to exceed $6,000 per qualified employee. The bill would define “qualified employee” to mean an employee who is hired on or after January 1, 2023, and who is a vocational rehabilitation referral, qualified SSI recipient, or qualified SSDI recipient.
Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
The bill would also include additional information required for a bill authorizing a new tax expenditure.
This bill would take effect immediately as a tax levy.
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
Section 17053.75 is added to the Revenue and Taxation Code, to read:
17053.75.
(a) For each taxable year...
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