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2021 California Main Street Small Business Tax Credit

by | Aug 30, 2021 | CDTFA |

Qualifying businesses may claim the Main Street Small Business Tax Credit for 2021, equal to $1,000 for each net increase in qualified employees, up to $150,000.  The credit may be applied against sales and use taxes, or income taxes.  To qualify for the credit, the taxpayer must have 500 or fewer qualified employees as of December 31, 2020, a decrease of 20% or more in gross receipts.  Importantly, the taxpayer must obtain a tentative credit reservation from the California Department of Tax and Fee Administration (CDTFA).  Reservations may be made beginning November 1, 2021, and ending November 30, 2021, or sooner if the full allocation for the credit is reached.  For more information, click here and search for Main Street.

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