Time’s running out for the Main Street Small Business Tax Credit January 2021 Tax News
The Main Street Small Business Tax Credit is for employers affected by the economic disturbances of 2020. Taxpayers must make a credit reservation in order to claim the credit. The time to apply for the credit reservation began on December 1, 2020, and ends on January 15, 2021, or when the $100 million in available credit is reserved, whichever happens first.
Taxpayers apply for the credit reservation from the California Department of Tax and Fee Administration (CDTFA).
Taxpayers must make an irrevocable election when they apply for their credit reservation to use their credit against:
- Income and franchise taxes, or
- Sales and use taxes
Visit our Main Street Small Business Tax Credit webpage for information on:
- Requirements for the credit
- How to compute the amount of credit available to you
- How to claim the credit are available
Visit CDTFA’s Main Street Small Business Tax Credit for additional information.