Income and corporation tax credits: Oroville enterprise zone.

The Personal Income Tax Law and the Corporation Tax Law allow a taxpayer to claim certain tax incentives for activities conducted in an enterprise zone, including a credit in an amount equal to the specified percentage of wages paid during the taxable year to a qualified employee, as defined, who is employed by the taxpayer during the taxable year in an enterprise zone. This bill would authorize the sale of a tax credit by a taxpayer where that credit is attributable to the percentage of wages paid by a taxpayer during a taxable year to a qualified employee employed in the City of Oroville enterprise zone, to an unrelated party. This bill would make legislative findings and declarations as to the necessity of a special statute for the City of Oroville. This bill would take effect immediately as a tax levy.