Reserve Up To $100,000 in 2020 Tax Credits Today!
Your business or organization could be eligible to receive a tax credit of up to $1,000 for each net employee hired between July 1, 2020 and November 30, 2020, for a total of up to $100,000. Thanks to California’s new Main Street Small Business Hiring Credit, this credit may be used to offset California state income taxes or sales & use taxes for qualifying businesses and organizations.
Businesses and nonprofits must apply for the credit with the California Department of Tax and Fee Administration, which is available to any industry.
Any business or organization wishing to apply must meet the following criteria:
- Fewer than 100 employees existed as of 12/31/19.
- The business experienced a 50% or more reduction in gross receipts during Q2 of 2020 (April 1, 2020 – June 30, 2020) relative to the same period in 2019.
Approval for the Main Street Small Business Hiring Credit comes on a first-come, first-serve basis, but please note that the application deadline is this Friday, January 15, 2021.
We’re Here to Help – Lets Start A Conversation
If you have questions about this opportunity or would like assistance with your application, please contact our tax professionals at taxalerts@windes.com or toll free at 844.4WINDES (844.494.6337).