Income and corporation taxes: credit: employment: aerospace.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements. This bill, for each taxable year beginning on and after January 1, 2018, would allow a credit against the taxes imposed under both laws to a qualified taxpayer, defined as an aerospace entity, in an amount equal to 17.5% of qualified wages paid or incurred during the taxable year to a qualified employee, not to exceed $25,000,000 per taxpayer per taxable year. The bill would limit the credit to the first 5 years after a qualified taxpayer first qualifies to receive the credit. The bill also would include that additional information required for any bill authorizing a new income tax credit. This bill would take effect immediately as a tax levy.