Personal income tax: credit: loss of income.

The Personal Income Tax Law allows various credits against the taxes imposed by that law. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2012, in an amount equal to 10% of the loss of income, as defined, not to exceed $300 if single and $600 if married, subject to certain limitations. This bill would allow the credit only if the loss of income is not the result of a dismissal or termination for cause or the result of a finding of guilt in a criminal proceeding or a pending criminal investigation. This bill would take effect immediately as a tax levy.