Personal income taxes: credit: professional license fees.

The Personal Income Tax Law allows various credits against the taxes imposed by that law. 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 would allow a credit against those taxes for each taxable year beginning on or after January 1, 2021, and before January 1, 2026, in an amount equal to 50% of the cost paid or incurred during the taxable year for an initial professional license fee. The bill also would include additional information required for any bill authorizing a new income tax credit. This bill would take effect immediately as a tax levy.