Income taxes: credit: jobs and investment.

Existing law allows a credit against the taxes imposed under the Corporation Tax Law and the Personal Income Tax Law for each taxable year beginning on or after January 1, 2014, and before January 1, 2025, in an amount as provided in a written agreement between the Governor's Office of Business and Economic Development and the taxpayer, agreed upon by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer. Existing law allows the allocation of the credit through only the 2017–18 fiscal year. This bill would authorize the allocation of the credit through the 2029–30 fiscal year, and would extend the credit to taxable years beginning before January 1, 2030. This bill would take effect immediately as a tax levy.