17053.8.
(a) For each taxable year beginning on or after January 1, 2019, and before January 1, 2024, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to 50 percent of the amount first two thousand five hundred dollars ($2,500) of qualified wages paid or incurred by a small business qualified taxpayer during the taxable year for wages paid
to a student intern for the first 90 calendar days of employment.(b) For purposes of this section:
(1) “Small business” has the same meaning “Qualified taxpayer” means a small business, as defined in paragraph (14) of subdivision (b) of Section 23626.
(2) “Qualified wages” means those wages that are subject to withholding under Division 6 (commencing with Section 13000) of the Unemployment Insurance Code.
(2)
(3) “Student intern” means an individual who has not been previously employed by the qualified taxpayer in any taxable year and who is either of the following:
(A) Enrolled in high school.
(B) Enrolled at an accredited community college, or at a public or private college or university, and taking six or more credits during the current semester or quarter in which he or she is employed by the
qualified taxpayer or the previous semester or quarter.
quarter prior to employment.
(c) In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following taxable year, and succeeding four years if necessary, until the credit is exhausted.
(d) This credit shall be taken in lieu of any other credit or deduction that the qualified taxpayer may otherwise claim pursuant to this part with respect to the qualified wages of a student intern.
(d)
(e) It is the intent of the Legislature to comply with Section 41.
(e)
(f) This section shall remain in effect only until December 1, 2024, and as of that date is repealed.