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California Lawmakers Advance Tax Credit for Shuttered Businesses

Jan. 24, 2022, 11:43 PM

California small businesses forced to close during the pandemic would get new tax credits under a bill passed in the Senate on Monday.

S.B. 49 by Sen. Tom Umberg (D) could be claimed in taxable years between Jan. 1, 2021, and Jan. 1, 2026, by businesses that require substantial in-person contact and have less than $10 million in gross receipts in the three preceding taxable years. Umberg said the credits are meant to reimburse business owners for fees they paid to state and local governments while they were closed.

  • The credit would be $1,000 for businesses that must ...

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