The Enterprise Zone Hiring Credit was replaced by the New Employment Credit effective January 1, 2014. To obtain a credit, a qualified taxpayer must hire a qualified full-time employee on or after January 1, 2014 and pay qualified wages attributable to work performed by the qualified full-time employee in a Designated Geographic Area (DGA). In addition, the qualified taxpayer must receive a Tentative Credit Reservation (TCR) from the Franchise Tax Board (within 30 days of complying with the EDD new hire reporting requirement) for that qualified full-time employee, and they must certify each qualified employee on an annual basis going forward. On top of all this, the Governor just announced that qualified taxpayers located inside of certain pilot areas within a DGA will receive additional benefits.
California New Employment Credit Information
By Ronda Lawson|May 5th, 2014|Categories: Business Operations, Business Tax|Tags: 2014, DGA, employment credit, enterprise zone hiring credit, EZ credit, FTB, pilot areas|Comments Off on California New Employment Credit Information