The Personal Income Tax Law allows various credits against the taxes imposed by that law. Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements.
This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2020, and before January 1, 2025, in an amount equal to the cost paid or incurred during the taxable year for an initial professional license fee.
The bill also would include additional information required for any bill authorizing a new income tax credit.
This bill would take effect immediately as a tax levy.