CA AB2647

Extends existing tax credits for qualified investments in community development financial institutions from January 1, 2017 to January 1, 2027, allowing taxpayers to claim 20% of qualified investments up to specified limits.

Increases the annual aggregate cap on certified qualified investments across all three tax types (personal income tax, corporation tax, and insurance tax) from $50,000,000 to $120,000,000 per calendar year.

Authorizes the California Organized Investment Network and Department of Insurance to certify investments and administer the credit program until January 1, 2027.

Requires community development financial institutions to provide detailed information about investment use, including percentages benefiting low-to-moderate income households, rural areas, and green investments.

Takes effect immediately as a tax levy.