AB 758

Under this bill, a business may claim an income and franchise tax credit for an

amount of the wages that the business pays to an employee during the taxable year

if all of the following apply:

1. The business paid the wages for work performed during the period beginning

on May 1 and ending on August 31 of the taxable year.

2. The employee is at least 15 years old, but not more than 19 years old.

3. The employee receives an hourly wage that is at least equal to the federal

minimum hourly wage.

4. The employee was a resident of this state on January 1 of the year in which

the employee is employed by the taxpayer.

5. The employee resides in a county where the average rate of total

unemployment is 6 percent or greater, as determined by the U.S. secretary of labor

based on jobs data for March of the year in which the employee is employed by the

taxpayer.

The maximum credit amount that a business may claim for the taxable year is

$1,500 for each eligible employee, not to exceed $7,500. If the credit amount exceeds

the taxpayer's tax liability, the taxpayer does not receive a refund and may not claim

the unused amount in subsequent taxable years.