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CA Department of Insurance

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. 

There are two components to the COIN CDFI Tax Credit Program:

  1. COIN CDFI Certification Program
  2. COIN CDFI Tax Credit Program

Here is how these two components work together:

  1. An organization applies to become a COIN certified CDFI
  2. COIN reviews the application and decides whether or not to certify the organization as a COIN certified CDFI
  3. Once certified, the CDFI partners with one or more investors interested in receiving a tax credit in exchange for a qualified investment
  4. COIN opens a tax credit application cycle
  5. The CDFI applies for a COIN CDFI Tax Credit on behalf of the investor
  6. COIN reviews the tax credit application, evaluates the benefits of the investment, and decided whether or not the investment meets the program criteria

Please click on the links above to learn more information about each piece of the program.

Past Tax Credit Awards

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