Provides corporation business tax credits and gross income tax credits to small business employers and farm employers for increases in certain mandatory employer contributions.

This bill provides tax credits to small business employers (defined as having fewer than 25 employees and under $1 million annual revenue) and farm employers (hiring workers on farms) for increased costs of mandatory insurance. It allows a credit equal to the difference between current-year and prior-year payments for workers’ compensation, temporary disability, and unemployment insurance, capped at $12,000 annually per business. The credit reduces tax liability for corporation business tax and gross income tax, but cannot exceed 50% of the tax due or lower it below the statutory minimum. The credit applies to tax periods starting January 1, 2020, through December 31, 2029.