Bill Text: CA AB1216 | 2017-2018 | Regular Session | Amended
Bill Title: Corporation Tax Law: credit: employment.
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: (Failed) 2018-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1216 Detail]
Download: California-2017-AB1216-Amended.html
Amended
IN
Assembly
April 05, 2017 |
Assembly Bill | No. 1216 |
Introduced by Assembly Member Choi |
February 17, 2017 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17053.48 is added to the Revenue and Taxation Code, to read:17053.48.
(a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2025, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, to a qualified taxpayer, an amount equal to 17.5 percent of qualified wages paid or incurred during the taxable year to a qualified employee, not to exceed twenty-five million dollars ($25,000,000) per qualified taxpayer per taxable year.(1)
(2)(A)“Qualified taxpayer” means a person that is engaged in a trade or business and meets either of the following conditions:
(i)Is not engaged in business in this state before January 1, 2018.
(ii)Is engaged in business in this state before January 1, 2018, and has a net increase in full-time qualified employees on or after January 1, 2018.
(B)A qualified taxpayer shall not include a person that is located within a 25-mile radius of any other person in engaged in a business or trade of like kind.
(C)
(3)
(f)
SEC. 2.
Section 23648 is added to the Revenue and Taxation Code, to read:23648.
(a) For each taxable year beginning on or after January 1, 2018, and before January 1, 2025, there shall be allowed as a credit against the “tax,” as defined in Section 23036, to a qualified taxpayer, an amount equal to 17.5 percent of qualified wages paid or incurred during the taxable year to a qualified employee, not to exceed twenty-five million dollars ($25,000,000) per qualified taxpayer per taxable year.(1)
(2)(A)“Qualified taxpayer” means a person that is engaged in a trade or business and meets either of the following conditions:
(i)Is not engaged in business in this state before January 1, 2018.
(ii)Is engaged in business in this state before January 1, 2018, and has a net increase in full-time qualified employees on or after January 1, 2018.
(B)A qualified taxpayer shall not include a person that is located within a 25-mile radius of any other person in engaged in a business or trade of like kind.
(C)
(3)
(f)