§ 12939.1. — 12939.1. (Added by Stats. 2006, Ch. 580, Sec. 1.)

California § 12939.1.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 3.: DIVISION 3. THE INSURANCE COMMISSIONER
• Ch. 2.: CHAPTER 2. Powers and Duties
• Art. 1.1.: ARTICLE 1.1. The California Community Development Financial Institution Tax Credit Program

Text

(a)
The department, California Organized Investment Network (COIN), or any successor thereof, shall require the CDFIs receiving tax credit investments pursuant to Sections 12209, 17053.57, and 23657 of the Revenue and Taxation Code to submit reports to the department, COIN, or any successor thereof, on their use of the program and may specify by notice to those CDFIs the form, content, and manner of the reports.
(b)
Biennially the department, COIN, or any successor thereof, shall include in the report required by Section 12922, information on the CDFI tax credit program based on the reports submitted by the CDFIs pursuant to subdivision (a).
(c)
On or before December 31, 2010, the Legislative Analyst shall prepare an analysis, based upon data provided by the Franchise Tax Board, the Department of Insurance, and COIN, to the Legislative Analyst on or before September 30, 2010, of the tax credit investments provided for in Sections 12209, 17053.57, and 23657 of the Revenue and Taxation Code, including, but not limited to, the credits’ fiscal impact, what programs, projects, and other uses were funded or carried out by the CDFIs that were supported in whole or in part by the tax credit investments, and the resulting benefits to economically disadvantaged communities and low income people in California.

Legislative History

Added by Stats. 2006, Ch. 580, Sec. 1. Effective September 28, 2006.