Income taxes: credits: hiring.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would, under both laws, for taxable years beginning on or after January 1, 2014, allow a credit to a qualified employer, as defined, in an amount equal to $3,000 for each net increase in qualified full-time employee hired during the taxable year by a qualified employer, and an additional $1,000 per qualified full-time employee hired during the taxable year by a qualified employer if the qualified full-time employee is a veteran or an additional $2,000 per qualified full-time employee hired during the taxable year by a qualified employer if the qualified full-time employee is a service-connected disabled veteran, as provided. This bill would limit the total amount of credit allowed to a qualified employer to an amount not to exceed $5,000,000 for all taxable years. This bill would cap the total amount of credit which may be allowed under those provisions for any calendar year to $35,000,000. This bill would take effect immediately as a tax levy.