New Employment Credit
The State of California’s New Employment Credit (NEC) allows San Diego businesses an opportunity to capture valuable tax credits intended to reduce their annual state income tax liability. The NEC allows qualifying companies to capture up to $56,000 in tax credits (per qualified employee) for hiring recently discharged military veterans, ex-offenders, long-term unemployed persons and public assistance recipients.
For more information regarding employer and employee eligibility requirements for the state’s NEC, please visit the California Franchise Tax Board – New Employment Credit Frequently Asked Questions.
Please click on the following link (New Employment Credit Estimator) if you would like to find out if your business may be eligible for state tax credits based on full-time employees hired after Jan. 1, 2014.
For more information on economic development incentives and programs, please visit www.sandiego.gov/economic-development/industry