California New Jobs Tax Credit


OVERVIEW

The California New Jobs Tax credit is effective for taxable years beginning on or after January 1, 2009. The credit must be claimed on a timely filed original return received by the Franchise Tax Board on or before a cut-off date specified by the Franchise Tax Board.

TAX CREDIT

A new tax credit of $3,000 for each additional full-time employee hired is available to small businesses with 20 or less employees beginning January 1, 2009.

ELIGIBILITY

Employers are eligible for the tax credit if:

  • Each qualified full-time hourly employee is paid wages for a minimum of 35 hours per week.
  • On the last day of the preceding taxable year, they employed a total of 20 or fewer employees.
  • There is a net increase in full-time employees compared to the number of full-time employees employed in the preceding taxable year.

For more information about the California New Jobs Tax Credit click here

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