Personal Income Tax Law: Corporation Tax Law: tax credits: foster youth.

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, 2021, and before January 1, 2028, would allow a credit against the taxes imposed by those laws to an employer for an amount equal to 40% of the qualified wages paid to a qualified employee, subject to a specified limitation. The bill would define "qualified wages" to mean wages paid for work completed as part of a Work Experience Education Program or a registered apprenticeship or preapprenticeship program. The bill would define "qualified employee" to mean a current or former foster youth that has not yet attained the age of 25 at the end of the taxable year. The bill would allow this credit for the first 12 months' worth of qualified wages in the case of a qualified employee hired on or after January 1, 2021, and for wages paid during the 2021 calendar year for a qualified employee hired before January 1, 2021. 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 provide findings and declarations relating to the goals, purposes, and objectives of, and the performance indicator for, the credit created by the bill. This bill would take effect immediately as a tax levy.