Income tax, state; credit for existing business growth.

Income tax credit; existing business growth.Provides a nonrefundable income tax credit equal to five percentof total corporate income taxes owed by certain small businessesin existence for at least two years that reach new full-time employeehiring thresholds during two-year qualifying periods. The creditis available for taxable years 2020 through 2039 and is awarded forthe taxable year during which each qualifying period ends. Existingbusinesses qualify for the tax credit on the basis of their size duringthe qualifying period. The credit may be claimed only once in eachqualifying period. Businesses claiming the credit may carry overunused credit for the next five taxable years or until the total amountof the credit has been taken, whichever occurs first.