New State Tax Credit
Small Business Hiring Tax Credit Applications Accepted Dec. 1
State legislators created the $100 million Small Business Hiring Credit to ease economic hardships imposed on small businesses due to COVOD-19.
$1,000 tax credit for each net new hires in second half of 2020, up to $100,000.
Use against personal and corporate income tax liabilities OR sales and use tax liabilities.
Application period: December 1, 2020 to January 15, 2021.
Applications accepted beginning December 1, 2020. Processed on first come, first served basis.
100 or fewer employees as of December 2019.
50% decrease in gross receipts in Q2 2020 compared to Q2 2019.
Net increase in employment July 2020 through November 2020.
Where to Apply:
Online portal administered by California Department of Tax & Fee
Application and FAQs: https://www.cdtfa.ca.gov/taxes-and-fees/SB1447-tax-credit.htm
Additional state assistance programs: https://www.cdtfa.ca.gov/services/covid19.htm