Protecting Our Restaurants Tax Credit.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the tax 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 under the Personal Income Tax Law for taxable years beginning on or after January 1, 2020, and before January 1, 2021, to a qualified taxpayer, as defined, in an amount equal to 50% of the annual fee paid or incurred by the qualified taxpayer for an alcohol license for a qualified establishment during that taxable year. The bill would also allow a credit under the Corporation Tax Law for taxable years beginning on or after January 1, 2020, and before January 1, 2021, to a qualified taxpayer, as defined, in an amount equal to 50% of the annual fee paid or incurred by an owner or operator of the qualified taxpayer for an alcohol license, as defined, during that taxable year. The bill would include additional information required for any bill authorizing a new tax credit. The bill would also make related findings and declarations. This bill would take effect immediately as a tax levy.