Income taxes: credits: qualified employees.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including hiring credits within the specified economic development areas. 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, under both laws for taxable years beginning on or after January 1, 2020, and before January 1, 2022, allow a credit against those taxes in an amount equal to 50% of qualified wages paid by a qualified taxpayer, as defined, to qualified full-time employees, defined to mean, among other things, that the person is between 18 and 25 years of age who has completed a work readiness program, substance abuse treatment program, cognitive behavioral therapy treatment program, or anger management program, not to exceed $15,000 per qualified taxpayer per taxable year. The bill would also provide that the credit amount is $0 for each taxable year beginning on or after January 1, 2020, and before January 1, 2022, 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.