AB 2728 Summary

• Expands definitions of community development investments to include investments in reservation-based communities and rural areas, and adds water, waste management, and sustainable agriculture to green investment categories.

• Defines "diverse investment managers" as investment management organizations with at least 51% women, veterans, or minorities managing investments, located in or actively investing in California.

• Extends the California Organized Investment Network tax credit program from January 1, 2017 to January 1, 2018, allowing insurers and other investors a 20% tax credit on qualified investments in community development financial institutions up to $50,000,000 annually.

• Requires at least 50% social or environmental benefit to low-to-moderate income individuals or communities for investments to qualify as "high-impact investments."

• Grants priority for tax credits to insurance company investors over all other tax credit investors.