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December 1, 2020 Small Business Hiring Tax Credit application portal opens today

December 01, 2020 1138

The California Department of Tax and Fee Administration (CDTFA) began accepting applications today for a small business hiring credit against California state income taxes or sales and use taxes. Qualified business employers who employed 100 or fewer employees as of December 31, 2019; and suffered a 50% decrease or more in income tax gross receipts when comparing second quarter 2020 to second quarter 2019, may apply between Dec. 1, 2020 through Jan. 15, 2021 to receive a credit of $1,000 for each net increase in qualified employees from April 1, 2020 through June 30, 2020. The credit reservations will be allocated to qualified small business employers on a first-come, first-served basis.

Employers should be prepared with all the required information to start their online application. Visit https://www.cdtfa.ca.gov/taxes-and-fees/SB1447-tax-credit.htm for details.