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Small businesses who hired this year may be eligible for a state tax credit.
As part of Senate Bill 1447, the Main Street Small Business Tax Credit allows businesses who meet the criteria the ability to receive a $1,000 tax credit for each employee. The credit can be applied to the business owner’s income tax or sale and use tax liability.
Small businesses must meet the following criteria
—Employed 100 or fewer employees as of Dec. 31, 2019
—Had an increase in employees between July and November compared to the prior quarter (April to June)
—Suffered a 50% decrease or more in income tax gross receipts between the second quarter of 2020 and second quarter 2019.
Tax credits will be awarded on a first-come-first-serve basis. Only $100 million will be awarded statewide. Application period begins Jan. 15, 2021.
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