Governor Jerry Brown’s proposal today of an expanded tax credit for small businesses incorporates (in amended fashion) a similar proposal put forward in February by California Senate Republican Bill Emmerson of Hemet, California (see my previous post, herein).
Both proposals would expand an existing ”new jobs” tax credit that offered $3,000 per job created by small California businesses that employ up to 20 workers. The proposals would expand the program’s availability to include employers with up to 50 workers. Governor Brown’s offer, as announced today, would also increase the amount of the tax credit from $3,000 up to $4,000 per new job created.
Brown conditions this expanded yet highly-focused tax break on the passage of a controversial provision mandating the single-sales factor approach for multi-state income apportionment.
See today’s articles in the Sacramento Business Journal and the San Francisco Chronicle.