California 2015-2016 Regular Session Status: To Executive

AB 2728 — Insurance: community development investments.

Last action — Vetoed by Governor.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2015-2016 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

(1) Existing law requires each admitted insurer with annual premiums written in California equal to or less than $100,000,000 to provide information to the Insurance Commissioner by July 1, 2016, on all of its community development investments, community development infrastructure investments, and green investments, as defined, in California. Existing law defines a community development investment as certain projects, developments, or activities that, among other things, benefit low- or moderate-income individuals or families. Existing law defines community development infrastructure as California public debt where all or a portion of the debt has as its primary purpose community development for, or that directly benefits, low- or moderate-income communities consistent with the types of projects, developments, or activities specified as community development investments. Existing law defines a green investment, among other things, as specified projects offering energy efficiency improvements and renewable energy generation. Existing law requires the insurer to list investments that are high impact which is an investment that is innovative, responsive to community needs, not routinely provided by an insurer, or has a high degree of positive impact on the economic welfare of low- or moderate-income individuals, families, or communities in urban or rural areas of California. This bill would instead define a community development investment as certain projects, developments, or activities that, among other things, benefit low-to-moderate income individuals or families. The bill would include investments in reservation-based communities and investments in rural areas, as defined, in community development investments. The bill would instead define community development infrastructure as all California debt where all or a portion of the debt has as its primary purpose community development for, or that directly benefits, low-to-moderate income communities. This bill would include water and waste management and sustainable agriculture projects in the definition of a green investment. The bill would instead define a high-impact investment as an investment that is innovative, responsive to community needs, not routinely provided by an insurer, and provides at least 50% social or environmental benefit to low-to-moderate income individuals, families, or communities in the state. The bill would also define "diverse investment managers" as investment management organizations, including, but not limited to, corporations, groups and persons within corporations, partnerships, LLCs, and other special purpose vehicles that are either located in, or actively make and hold investments in, California and whose investment managers are comprised of at least 51% women, veterans, or minorities, or a combination of persons in those groups. (2) Existing law imposes an annual tax on the gross premiums of an insurer, as defined, doing business in this state at specified rates. Existing law, until January 1, 2017, allows a credit under the Personal Income Tax Law, the Corporation Tax Law, and a credit against the tax imposed on an insurer in an amount equal to 20% of a qualified investment, as defined, made in a community development financial institution, as defined, but not to exceed, in the aggregate amount under all those laws, $50,000,000 per year and authorizes the California Organized Investment Network to certify investments for the credit until January 1, 2017. Existing law provides that if a qualified investment is reduced before the end of the 60th month, but not below $50,000, an amount equal to 20% of the total reduction for the year shall be added to the tax imposed on the taxpayer. Existing law also provides that if a qualified investment is withdrawn before the end of the 60th month and not reinvested in another community development financial institution within 60 days, the entire amount of any credit previously allowed for that taxable year is required to be added to the tax imposed on the taxpayer. This bill would extend the provisions relating to the authorization of the credit and certification by the California Organized Investment Network until January 1, 2018. The bill would require priority for the tax credit to be given to insurance company investors. The bill would delete the provision described above relating to a reduction of a qualified investment and would instead require that the provision regarding withdrawal, without reinvestment, of a qualified investment also apply when a qualified investment is reduced.

Bill Text

Action History

  1. Vetoed by Governor.

  2. Enrolled and presented to the Governor at 2:30 p.m.

  3. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 80. Noes 0. Page 6490.).

  4. Assembly Rule 63 suspended. (Page 6474.)

  5. In Assembly. Concurrence in Senate amendments pending.

  6. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 5416.).

  7. Read second time. Ordered to third reading.

  8. Read third time and amended. Ordered to second reading.

  9. Read second time. Ordered to third reading.

  10. From committee: Do pass. (Ayes 7. Noes 0.) (August 11).

  11. In committee: Referred to APPR. suspense file.

  12. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 29). Re-referred to Com. on APPR.

  13. From committee: Do pass and re-refer to Com. on GOV. & F. with recommendation: To Consent Calendar. (Ayes 8. Noes 0.) (June 22). Re-referred to Com. on GOV. & F.

  14. Referred to Coms. on INS. and GOV. & F.

  15. In Senate. Read first time. To Com. on RLS. for assignment.

  16. Read third time. Passed. Ordered to the Senate. (Ayes 80. Noes 0. Page 5042.)

  17. Read second time. Ordered to third reading.

  18. From committee: Do pass. (Ayes 20. Noes 0.) (May 27).

  19. In committee: Set, first hearing. Referred to APPR. suspense file.

  20. Re-referred to Com. on APPR.

  21. Read second time and amended.

  22. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (April 20).

  23. From committee: Do pass and re-refer to Com. on INS. (Ayes 9. Noes 0.) (April 18). Re-referred to Com. on INS.

  24. In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

  25. (pending re-referral to Com. on INS.)

  26. Assembly Rule 56 suspended. (Page 4033.)

  27. Re-referred to Coms. on REV. & TAX. and INS. pursuant to Assembly Rule 96.

  28. Referred to Coms. on INS. and REV. & TAX.

  29. Read first time.

  30. From printer. May be heard in committee March 22.

  31. Introduced. To print.

Sponsors

  • Atkins · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Atkins

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 2728 ATKINS Concurrence in Senate Amendments

Passed 80 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 70000
Democratic 5000
Republican 5000
Total 80000
% of votes cast 100%0%0%0%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Jones-Sawyer — Yea
Maienschein — Yea
Mathis — Yea
Wagner — Yea
Waldron — Yea
Williams — Yea
Eggman — Yea
Cooper — Yea
Frazier — Yea
Burke — Yea
Salas — Yea
Harper — Yea
Linder — Yea
Low — Yea
Mayes — Yea
McCarty — Yea
Chang — Yea
Chau — Yea
Chiu — Yea
Chu — Yea
Cooley — Yea
Nazarian — Yea
O'Donnell — Yea
Obernolte — Yea
Olsen — Yea
Rendon — Yea
Ridley-Thomas — Yea
Rodriguez — Yea
Thurmond — Yea
Weber — Yea
Wilk — Yea
Campos — Yea
Gray — Yea
Gordon — Yea
Atkins — Yea
Chávez — Yea
Bonilla — Yea
Lopez — Yea
Dababneh — Yea
Daly — Yea
Holden — Yea
Baker — Yea
Bigelow — Yea
Dodd — Yea
Kim — Yea
Levine — Yea
Medina — Yea
Melendez — Yea
Mullin — Yea
Quirk — Yea
Santiago — Yea
Steinorth — Yea
Ting — Yea
Wood — Yea
Gatto — Yea
Gomez — Yea
Hadley — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Arambula, Joaquin Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea

Official roll call →

3rd Reading AB2728 Atkins By Roth

Passed 39 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 36000
Democratic 3000
Total 39000
% of votes cast 100%0%0%0%
How each member voted (39)
Member Party Vote
Bates — Yea
Hernandez — Yea
Hueso — Yea
Leyva — Yea
Mendoza — Yea
Wieckowski — Yea
Hill — Yea
Lara — Yea
Leno — Yea
Allen — Yea
Cannella — Yea
Mitchell — Yea
Anderson — Yea
Pan — Yea
De León — Yea
Hall — Yea
Hancock — Yea
Hertzberg — Yea
Huff — Yea
Beall — Yea
Block — Yea
Liu — Yea
Monning — Yea
Moorlach — Yea
Morrell — Yea
Nielsen — Yea
Pavley — Yea
Roth — Yea
Vidak — Yea
Wolk — Yea
Fuller — Yea
Galgiani — Yea
Glazer — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Do pass

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Beall — Yea
Lara — Yea
Nielsen — Yea
Hill — Yea
Bates — Yea
Mendoza — Yea
McGuire, Mike Democratic Yea

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Beall — Yea
Hill — Yea
Lara — Yea
Nielsen — Yea
Bates — Yea
Mendoza — Yea
McGuire, Mike Democratic Yea

Official roll call →

AB 2728 ATKINS Assembly Third Reading

Passed 80 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 70000
Democratic 5000
Republican 5000
Total 80000
% of votes cast 100%0%0%0%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Baker — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Harper — Yea
Holden — Yea
Low — Yea
Maienschein — Yea
Mathis — Yea
Rodriguez — Yea
Eggman — Yea
Daly — Yea
Burke — Yea
Gatto — Yea
Gomez — Yea
Gordon — Yea
Campos — Yea
Jones-Sawyer — Yea
Kim — Yea
Levine — Yea
Gray — Yea
McCarty — Yea
Medina — Yea
Melendez — Yea
Atkins — Yea
Chang — Yea
Bonilla — Yea
Mullin — Yea
Lopez — Yea
Nazarian — Yea
Alejo — Yea
Bigelow — Yea
Chiu — Yea
Chávez — Yea
Cooley — Yea
Dababneh — Yea
Dodd — Yea
O'Donnell — Yea
Obernolte — Yea
Rendon — Yea
Ridley-Thomas — Yea
Steinorth — Yea
Thurmond — Yea
Wagner — Yea
Waldron — Yea
Wilk — Yea
Frazier — Yea
Chau — Yea
Chu — Yea
Cooper — Yea
Salas — Yea
Linder — Yea
Mayes — Yea
Olsen — Yea
Weber — Yea
Williams — Yea
Hadley — Yea
Quirk — Yea
Santiago — Yea
Ting — Yea
Wood — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Yea
Travis Allen — Yea
Arambula, Joaquin Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass.

Passed 20 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 16000
Democratic 2000
Republican 2000
Total 20000
% of votes cast 100%0%0%0%
How each member voted (20)
Member Party Vote
Bloom — Yea
Quirk — Yea
Wood — Yea
Eggman — Yea
Daly — Yea
Bonilla — Yea
Holden — Yea
Bigelow — Yea
Obernolte — Yea
Wagner — Yea
Weber — Yea
Chang — Yea
Santiago — Yea
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Roger Hernández — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass as amended and be re-referred to the Committee on [Appropriations]

Passed 13 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 11000
Democratic 1000
Republican 1000
Total 13000
% of votes cast 100%0%0%0%
How each member voted (13)
Member Party Vote
Melendez — Yea
Rodriguez — Yea
Cooley — Yea
Cooper — Yea
Frazier — Yea
Gatto — Yea
Chu — Yea
Dababneh — Yea
Bigelow — Yea
Daly — Yea
Travis Allen — Yea
Calderon, Lisa Democratic Yea
Dahle, Megan Republican Yea

Official roll call →

Subjects

taxation housing labor health-insurance
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Frequently asked questions

What does AB 2728 do?
(1) Existing law requires each admitted insurer with annual premiums written in California equal to or less than $100,000,000 to provide information to the Insurance Commissioner by July 1, 2016, on all of its community development investments, community development infrastructure investments, and green investments, as defined, in California. Existing law defines a community development investment as certain projects, developments, or activities that, among other things, benefit low- or moderate-income individuals or families. Existing law defines community development infrastructure as California public debt where all or a portion of the debt has as its primary purpose community development for, or that directly benefits, low- or moderate-income communities consistent with the types of projects, developments, or activities specified as community development investments. Existing law defines a green investment, among other things, as specified projects offering energy efficiency improvements and renewable energy generation. Existing law requires the insurer to list investments that are high impact which is an investment that is innovative, responsive to community needs, not routinely provided by an insurer, or has a high degree of positive impact on the economic welfare of low- or moderate-income individuals, families, or communities in urban or rural areas of California. This bill would instead define a community development investment as certain projects, developments, or activities that, among other things, benefit low-to-moderate income individuals or families. The bill would include investments in reservation-based communities and investments in rural areas, as defined, in community development investments. The bill would instead define community development infrastructure as all California debt where all or a portion of the debt has as its primary purpose community development for, or that directly benefits, low-to-moderate income communities. This bill would include water and waste management and sustainable agriculture projects in the definition of a green investment. The bill would instead define a high-impact investment as an investment that is innovative, responsive to community needs, not routinely provided by an insurer, and provides at least 50% social or environmental benefit to low-to-moderate income individuals, families, or communities in the state. The bill would also define "diverse investment managers" as investment management organizations, including, but not limited to, corporations, groups and persons within corporations, partnerships, LLCs, and other special purpose vehicles that are either located in, or actively make and hold investments in, California and whose investment managers are comprised of at least 51% women, veterans, or minorities, or a combination of persons in those groups. (2) Existing law imposes an annual tax on the gross premiums of an insurer, as defined, doing business in this state at specified rates. Existing law, until January 1, 2017, allows a credit under the Personal Income Tax Law, the Corporation Tax Law, and a credit against the tax imposed on an insurer in an amount equal to 20% of a qualified investment, as defined, made in a community development financial institution, as defined, but not to exceed, in the aggregate amount under all those laws, $50,000,000 per year and authorizes the California Organized Investment Network to certify investments for the credit until January 1, 2017. Existing law provides that if a qualified investment is reduced before the end of the 60th month, but not below $50,000, an amount equal to 20% of the total reduction for the year shall be added to the tax imposed on the taxpayer. Existing law also provides that if a qualified investment is withdrawn before the end of the 60th month and not reinvested in another community development financial institution within 60 days, the entire amount of any credit previously allowed for that taxable year is required to be added to the tax imposed on the taxpayer. This bill would extend the provisions relating to the authorization of the credit and certification by the California Organized Investment Network until January 1, 2018. The bill would require priority for the tax credit to be given to insurance company investors. The bill would delete the provision described above relating to a reduction of a qualified investment and would instead require that the provision regarding withdrawal, without reinvestment, of a qualified investment also apply when a qualified investment is reduced.
Who sponsors AB 2728?
AB 2728 is sponsored by Atkins.
What is the current status of AB 2728?
This bill died with 2015-2016 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2728?
Track AB 2728 free on One Click Politics — get push/email alerts when it moves.

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