California New Employment Credit Information

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 […]