SB 414

Bill Subjects

Abstract

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would, under both laws, for taxable years beginning on or after January 1, 2013, allow a credit to a qualified employer, as defined, in an amount equal to 50% of the tuition reimbursed to, and either 5% or 10% of the qualified wages paid to, a qualified employee working in qualified industry, as defined to include the manufacture of aerospace or defense hardware or software, aerospace maintenance, aerospace repair and overhaul, parts supply to the aerospace industry, provision of services and support relating to the aerospace industry, research and development of aerospace technology and systems, and the education and training of aerospace personnel, as provided. This bill would take effect immediately as a tax levy.