Cal. Code Regs. tit. 10 § 2696.20

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 2696.20 - Purpose and Scope

California Revenue and Taxation Code sections 12209, 17053.57 and 23657 authorize the issuance of tax credits in recognition of qualified investments made by taxpayers into community development financial institutions (CDFIs) for specific programs, projects or services. The CDFIs must be certified by the California Organized Investment Network (COIN), a unit of the Department of Insurance. COIN reviews both the applications for tax credit allocations and the applications by organizations seeking to be CDFIs. These regulations establish the procedure and criteria by which CDFIs submit the applications and COIN evaluates them, in accordance with the provisions in the aforementioned Revenue and Taxation Code sections and California Insurance Code Section 12939.

Cal. Code Regs. Tit. 10, § 2696.20

1. New subchapter 7.6.1 (sections 2696.20-2696.32), article 1 (sections 2696.20-2696.22) and section filed 6-26-2014; operative 6-26-2014 (Register 2014, No. 26). Pursuant to Revenue and Taxation Code section 12209(f)(2) this is a deemed emergency, and pursuant to Revenue and Taxation Code section 12209(f)(3) this emergency regulation "shall remain in effect until amended or repealed by the department."

Note: Authority cited: Sections 12209(f), 17053.57(d) and 23657(e), Revenue and Taxation Code. Reference: Sections 12209, 17053.57 and 23657, Revenue and Taxation Code; and Sections 926.1 and 12939, 12939.1 and 12939.2, Insurance Code.

1. New subchapter 7.6.1 (sections 2696.20-2696.32), article 1 (sections 2696.20-2696.22) and section filed 6-26-2014; operative 6/26/2014 (Register 2014, No. 26). Pursuant to Revenue and Taxation Code section 12209(f)(2) this is a deemed emergency, and pursuant to Revenue and Taxation Code section 12209(f)(3) this emergency regulation "shall remain in effect until amended or repealed by the department."