CDFI Tax Credit Program
Community Development Financial Institutions (CDFI) Tax Credit Program
Each year, the Department of Insurance allocates $10 million in tax credits to support $50 million in community development investments. Under the program, investors receive a tax credit worth 20 percent of their investment in one of the COIN certified CDFIs and can apply the credit to the state personal income tax, corporation tax or insurer premium tax.
COIN CDFI Tax Credit Program
For the 2014 calendar year, there are $18 million in COIN CDFI Tax Credits available to support $90 million of private investment into COIN Certified CDFIs.
The second COIN CDFI Tax Credit cycle is expected to open October 15, 2014.
COIN CDFI Certification Program
COIN evaluates certification applications on an ongoing basis. Certification will be renewed annually pending a satisfactory review by COIN. Recertification will occur triennially pending prior satisfactory annual reviews by COIN.