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 there are $18 million in COIN CDFI Tax Credits available to support $90 million of private investment into COIN Certified CDFIs (Note: COIN will have a short notice (less than 90 days) on its first tax credit cycle due to newly implemented regulations. Applications for the first COIN CDFI Tax Credit cycle will be accepted from July 15, 2014 to August 15, 2014)
COIN CDFI Tax Credit Evaluation Criteria
- COIN CDFI Tax Credit Application Form
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.
COIN CDFI Certification Evaluation CriteriaCurrently Certified CA CDFIsHistorical CDFI Tax Credit Investments and AllocationsAnnual Report
- COIN CDFI Certification Application Form