California Revenue and Taxation Code

§ 23626

RTC § 23626 Effective Jul 10, 2023Div. 2 · Part 11 · Ch. 3.5

Statute text

(a)(1) For each taxable year beginning on or after January 1, 2014, and before January 1, 2026, there shall be allowed to a qualified taxpayer that hires a qualified full-time employee and pays or incurs qualified wages attributable to work performed by the qualified full-time employee in a designated census tract or economic development area, and that receives a tentative credit reservation for that qualified full-time employee, a credit against the “tax,” as defined by Section 23036, in an amount calculated under this section.

(2)For each taxable year beginning on or after January 1, 2023, and before January 1, 2026, the designated census tract or economic development area requirements shall not apply to a qualified taxpayer described in clause (ii), (iii), (iv), or (v) of subparagraph (A) of paragraph (14) of subdivision (b).

(3)The amount of the credit allowable under this section for a taxable year shall be equal to the product of the tentative credit amount for the taxable year and the applicable percentage for the taxable year.

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Legislative history

Amended by Stats. 2023, Ch. 55, Sec. 12. (SB 131) Effective July 10, 2023. Repealed as of December 1, 2029, with remaining operation, as prescribed in subdivision (m).