Income taxes: credits: qualified employees.

The Personal Income Tax Law and Corporation Tax Law allow various credits against the taxes imposed by that law, including hiring credits within the specified economic development areas. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would, under both laws for taxable years beginning on or after January 1, 2021, and before January 1, 2023, allow a credit against those taxes in an amount equal to 50% of wages paid, not to exceed $15,000 per taxable year, by a qualified taxpayer, as defined, to qualified full-time employees, defined to mean that the person is between 18 and 25 years of age at the time of hiring and is either a former foster youth or is an ex-offender previously convicted of a felony. The bill would also provide that the credit amount is $0 for each taxable year beginning on or after January 1, 2021, and before January 1, 2023, unless otherwise specified in a bill providing for appropriations related to the Budget Act. The bill would provide findings and declarations relating to the goals, purposes, and objectives of this credit. This bill would take effect immediately as a tax levy.