Category: State Incentives
A temporary incentive, this credit is for small businesses that create jobs in the next two years. Employers that began the year with 20 or fewer employees could claim a $3,000 credit for each full-time employee hired. California allocated $400,000,000 for this tax credit. Taxpayers may only claim the credit on an original timely filed return received by the FTB on or before a cut-off date specified by FTB. The cut-off date is the last day of the calendar quarter within which FTB estimates it will have received timely filed original returns claiming the credit that cumulatively total $400 million.