SB 1272: Income taxes: credit: small business employee savings plan.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.

This bill would allow, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, a tax credit under both laws in an amount equal to 50% of the qualified taxpayers matching contributions to an the account of an eligible employees Employee Savings Match Plan, as provided. provided, not to exceed $1,000.

This bill would take effect immediately as a tax levy.