SB 2206

Bill Subjects

Covid-19 Department Of Taxation Employment Financial Relief Income Tax Credit Small Business Employers

Abstract

Establishes a nonrefundable small business hiring tax credit for the taxable year beginning on or after 1/1/2022 and before 1/1/2023, that may be applied against the net income tax liability of qualified small business employers in an amount equal to $1,000 for each net increase in the number of qualified employees not to exceed a total of $25,000 for any qualified small business employer and a total of $100,000,000 for the State. Requires the qualified small business employer to apply for a tentative credit tax reservation amount to receive the tax credit. Requires the Department of Taxation to allocate the tax credit on a first-come, first-served basis. Requires the Department of Taxation to report to the Legislature. Applies to taxable years beginning after 12/31/2021. Repeals 12/31/2027.