California New Jobs Tax Credit

The California Franchise Tax Board released guidance on a new tax credit that was part of the recent budget package. The new credit is $3,000 for each additional full-time employee hired is available to small businesses with 20 or less employees beginning January 1, 2009. The total amount of credit available to be claimed by all taxpayers is capped at $400 million. For more information on the new credit, please visit the FTB announcement.