Tax credit: hiring: foster care.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, for each taxable year beginning on or after January 1, 2023, and before January 1, 2028, would allow a credit against the taxes imposed under both laws to a qualified taxpayer, as defined, that employs an eligible individual in a prescribed amount, not exceeding $30,000, based on the number of hours an eligible individual worked for the eligible employer during the taxable year. The bill would define the term "eligible individual" to mean a person who is at least 16 years of age but not older than 26 years of age, who spent time in foster care on or after becoming 13 years of age, and who is verified by a county child welfare agency or the State Department of Social Services, as provided. By expanding the duties of a county child welfare agency, this bill would impose a state-mandated local program. Existing law requires a bill that would authorize a new tax expenditure under the Personal Income Tax Law or the Corporation Tax Law to identify specific goals, purposes, and objectives that the tax expenditure will achieve and detailed performance indicators and data collection requirements for determining whether the tax expenditure achieves these goals, purposes, and objectives. This bill would include additional information required for a bill authorizing a new tax expenditure. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above. This bill would take effect immediately as a tax levy.