Personal income taxes: credits: New Americans Incentive Tax Credit.

The Personal Income Tax Law allows various credits against the taxes imposed by that law. This bill would allow a credit against the taxes imposed by the Personal Income Tax Law for each taxable year beginning on or after January 1, 2021, and before January 1, 2025, in an amount equal to $725 for each taxpayer, spouse of the taxpayer, and each qualifying child of the taxpayer, that is an eligible member, which is defined to mean an individual who was naturalized as a citizen of the United States within the 12-month period preceding the start of the taxable year. The bill would specify that this credit be known, and may be cited to, as the "New Americans Incentive Tax Credit." Existing law requires any bill authorizing a new tax expenditure, including a tax credit, 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 state the intent of the Legislature to enact legislation to comply with those new tax expenditure requirements. This bill would take effect immediately as a tax levy.