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Now hiring: California offers credits to small businesses

Posted at 3:48 PM, Sep 09, 2020
and last updated 2020-09-09 18:48:36-04

SACRAMENTO, Calif. — California Gov. Gavin Newsom has signed a law giving tax breaks to businesses that hire more workers over the next three months.

Newsom signed a law on Wednesday that offers small businesses a credit of $1,000 on their state tax bills for each new employee hired by Dec. 1.

It only applies to businesses that have lost at least half of their revenue from April to June this year compared to the same time period last year.

Businesses only get the credit if they hire employees, not contractors. And small businesses that are owned by large companies are not eligible.