Income and corporation taxes: tax credit: employment.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would, until the last day of the calendar quarter within which the Franchise Tax Board estimates it will receive returns claiming credits that cumulatively total $50,000,000, under both laws, provide a tax credit, in an amount as specified, to a qualified taxpayer for each qualified employee, as defined, who actively received unemployment insurance benefits for 6 months immediately prior to the time the qualified taxpayer hires the qualified employee. This bill would define a "qualified taxpayer" to mean a taxpayer that, as of the last day of the preceding taxable year, employed a total of 50 or fewer employees. This bill would take effect immediately as a tax levy.