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Good news! The Governor signed several bills to help small businesses, including SB 1447 which provides small businesses (fewer than 100 employees) a $1,000 tax credit if they hire or rehire an employee over the next three months. The bill sets aside $100 million and will be provided to businesses that qualify under first-come, first served basis. Waiting for implementation details. See link below for copy of press release and text of bill.
Governor Newsom Signs Bills to Support Small Businesses Grappling with Impact of COVID-19 Pandemic, Bolster Economic Recovery | California Governor - gov.ca.gov
AB 1577 allows small businesses to exclude PPP loans from gross income for state taxes SB 1447 authorizes $100 million Main Street hiring tax credit program for small businesses SB 115 accelerates…
Bill Text - SB-1447 Income tax: sales and use tax: credit: small business.
The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. The Sales and Use Tax Law, in lieu of specified credits allowed under the Personal Income Tax Law and the Corporation Tax Law, allows a qualified taxpayer or affiliate to make an irrevocable election to apply that income tax credit amount against qualified sales and use ..