John A. Pérez
Author
Existing laws governing the taxation of insurers, the Personal Income Tax Law, and the Corporation Tax Law, authorize, until January 1, 2012, a credit 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, $10,000,000 per year. The bill would extend the operation of the credits until January 1, 2017, would eliminate specified limitations on the aggregate certified investments, and would eliminate certain requirements regarding certificates issued to taxpayers. The bill would, until December 1, 2015, authorize the Insurance Commissioner to establish a California Organized Investment Network Advisory Board, as specified, to advise the California Organized Investment Network on the best methods of increasing insurance investments while providing fair returns to investors and social benefits to underserved communities, increase the level and number of contacts among executives in the insurance industry, and recommend programmatic guidelines to the California Organized Investment Network program. The bill would also authorize the California Organized Investment Network, in allocating qualified investment credits, when certain conditions are met, to prioritize applications for those credits, as specified.
Chaptered by Secretary of State - Chapter 436, Statutes of 2011.
Approved by the Governor.
Enrolled and presented to the Governor at 1:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 73. Noes 2. Page 2892.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 2 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 1. Page 2165.).
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 9. Noes 0.) (August 25).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (June 29).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on GOV. & F.
Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 2. Page 1651.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 17. Noes 0.) (May 27).
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (May 2). Re-referred to Com. on APPR.
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
Read second time and amended.
From committee: Do pass as amended and re-refer to Com. on REV. & TAX. (Ayes 10. Noes 0.) (March 30).
From printer. May be heard in committee March 19.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB624 | HTML |
| 02/16/11 - Introduced | |
| 03/31/11 - Amended Assembly | |
| 06/21/11 - Amended Senate | |
| 07/06/11 - Amended Senate | |
| 08/15/11 - Amended Senate | |
| 09/12/11 - Enrolled | |
| 10/03/11 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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