SB 1486

Bill Subjects

Abstract

Existing law allows a credit against the taxes imposed under the Personal Income Tax Law and the Corporation Tax Law for each taxable year beginning on or after January 1, 2014, and before January 1, 2025, in an amount as provided in a written agreement between the Governor's Office of Business and Economic Development and the taxpayer, agreed upon by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer. Existing law provides for the allocation of credit amounts only through the 2017–18 fiscal year and limits the aggregate amount of credit that may be allocated in a fiscal year. Existing law requires 25% of the aggregate amount of the credit to be reserved for small businesses, as defined. This bill would require the Governor's Office of Business and Economic Development to conduct an outreach program for small businesses eligible for the above-described credits if, among other things, the Governor's Office of Business and Economic Development is authorized to allocate those credits in the 2018–19 and 2019–20 fiscal years, a reservation for small businesses is in effect, and that reservation amount is not allocated by the Governor's Office of Business and Economic Development during the 2018–19 fiscal year.