From the website of California State Senator Bill Emmerson:
Sacramento – Senator Bill Emmerson (R-Hemet) introduced Senate Bill 156, a job-creating measure intended to stimulate the economy by offering a $3,000 tax credit to small businesses for each new full-time employee hired.
“Too many of our neighbors remain unemployed so we need to do everything we can to get Californians back to work,” Senator Emmerson stated. “This bill will give our economy the jump start it needs by encouraging businesses to hire additional employees.”
In 2009, $400 million was set aside in the budget to allow small businesses with 20 or fewer employees to earn a $3,000 tax credit for every new employee hired. To date, less than $40 million has been utilized for this program, leaving over $360 million still available. SB 156 would expand the number of businesses that would be eligible for this tax credit to those that have 50 or fewer employees. Last year Senator Emmerson also authored this legislation only to see it perish in the Assembly Appropriations Committee.
“Currently, only the smallest businesses are allowed to take advantage of this tax credit,” Senator Emmerson said. “Expanding this program further will benefit even more Californians and will have a positive impact on our economic recovery.”
Find the text of the bill here.