Insurance taxes: income taxes: credits: community development financial institution investments.

Existing law, until January 1, 2017, allows a credit under the Personal Income Tax Law, the Corporation Tax Law, and a credit against the tax imposed on an insurer 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, $50,000,000 per year, and authorizes the California Organized Investment Network to certify investments for the credit until January 1, 2017. This bill would extend the provisions relating to the authorization of the credits and certification by the Department of Insurance and the California Organized Investment Network until January 1, 2027. The bill would also increase the aggregate amount under all those laws of qualified investments allowed to be certified by the California Organized Investment Network for the credits to $120,000,000 per year. This bill would take effect immediately as a tax levy.