California Organized Investment Network.

Existing laws governing the taxation of insurers, the Personal Income Tax Law, and the Corporation Tax Law, authorize, until January 1, 2012, a credit in an amount equal to 20% of a qualified investment, as defined, made into a community development financial institution, as defined, but not to exceed, in the aggregate amount under all those laws, $10,000,000 per year. The bill would extend the operation of the credits until January 1, 2017, would eliminate specified limitations on the aggregate certified investments, and would eliminate certain requirements regarding certificates issued to taxpayers. The bill would, until December 1, 2015, authorize the Insurance Commissioner to establish a California Organized Investment Network Advisory Board, as specified, to advise the California Organized Investment Network on the best methods of increasing insurance investments while providing fair returns to investors and social benefits to underserved communities, increase the level and number of contacts among executives in the insurance industry, and recommend programmatic guidelines to the California Organized Investment Network program. The bill would also authorize the California Organized Investment Network, in allocating qualified investment credits, when certain conditions are met, to prioritize applications for those credits, as specified.