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A Small Business Employer with less than 20 employees will qualify for the credit if:
The total amount of the credit available to taxpayers will be capped at $400 million. The FTB will determine when the cap has been reached and will set a cut-off date for claiming the tax credit. The tax credit must be claimed on a timely filed original return received by the FTB before the cut-off date. This cut-off date is defined as the last day of the calendar quarter within which the FTB estimates the $400 million limit will be reached. The cut-off date has not yet been determined.
Small Businesses can claim the credit on a 2009 Personal Income Tax Return, or Business Entity Tax Return, using the credit form for the New Jobs Tax Credit. The Jobs Credit Form will not be made available until December of 2009. However, since there is a cap of $400 million, small businesses seeking to claim the credit should be prepared to file their returns as soon as possible after January 1, 2010.
For more information, please call the FTB at 800.852.5711. If you qualify for the credit, or plan to take advantage of the Jobs Tax Credit, don't forget to get your 2009 Tax Return filed as soon as possible after January 1, 2010.
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Disclaimer: The information presented on this web site was prepared by Melissa C. Marsh for general informational purposes only and does not constitute legal advice. The information provided in my articles and alerts should not be relied upon, or used as a substitute for professional legal advice from an attorney you retain to advise or represent you. Your use of this Internet site does not create an attorney- client relationship. Transmission of this article is not intended to create, and receipt of it does not constitute, an attorney-client relationship. All uses of the contents of this site, other than personal uses, are prohibited. You may print or email a copy of any information posted on this web site for your own personal, non-commercial, use, but you may not publish any of the articles or posts on this web site without the Express Written Permission of Melissa C. Marsh.
Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.