California Assembly Bill No. 50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Overview Beginning 11/1/21, and ending 11/30/21, the California Department of Tax and Fee Administration (CDTFA) will be accepting applications through their online reservation system for qualified small business employers to reserve $1,000 per net increase in qualified employees, not to exceed $150,000. Tentative credit reservation amounts will generally be reduced by credit amounts reserved or received under the first Main St. Small Business Tax Credit. The credits are reserved on a first-come, first-served basis. Qualified small businesses will be able to offset either their income taxes or their sales and use taxes with the credit when filing their returns. Qualifications This credit...
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Sep 2021
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