Plain English Breakdown
The official summary states the change is nonsubstantive but does not specify which words are changed or why.
Personal Income Tax Employment Credit
This bill makes a small, non-substantive update to the existing rules for an employment tax credit.
What This Bill Does
- Updates the Personal Income Tax Law regarding the employment credit with a change that does not alter how it works.
Terms To Know
- Nonsubstantive change
- A small edit to the text of the law.
- Employment credit
- A tax credit for hiring qualified full-time employees in designated areas, calculated as 35% of wages multiplied by an applicable percentage.
Limits and Unknowns
- The source text does not explain exactly what words were changed.
- The bill only applies to taxable years beginning on or after January 1, 2014, and before January 1, 2026.