Income taxes: credit: manufacturers.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including a credit in an amount equal to $3,000 for each full-time employee hired during the taxable year by a qualified employer, as defined. Existing law limits the total amount of credit that may be allocated under those provisions to $400,000,000. This bill would reduce the total amount of credit that may be allocated under those provisions to $375,000,000. This bill would allow a credit against the taxes imposed by the Personal Income Tax Law and the Corporation Tax Law in an amount equal to $3,000 for each disabled veteran, as defined, hired as a qualified full-time employee during the taxable year by a qualified employer, as defined. This bill would limit the total amount of credit that may be allocated under those provisions to $25,000,000. This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. This bill would take effect immediately as a tax levy.