Insurers have new incentives to go green, thanks to a new law signed by California Gov. Arnold Schwarzenegger. AB 1011, authored by Assembly Dave Jones, who is running for Insurance Commissioner, requires the state Department of Insurance to collect data from insurers on their greenhouse gas reductions and green investments as part of their community development investments. The information will be shared on the DOI Web site.
Insurance companies that go green also may be eligible for a tax credit for qualified investments in low- and moderate-income urban and rural communities
“It is the intent of the Legislature to provide an incentive in the form of California tax credits to attract much needed additional private capital investments that would not otherwise be available to CDFIs without the benefit of such incentive. It is the expectation of the Legislature that CDFIs will leverage these new investment dollars for the direct benefit of economically disadvantaged communities and low-income people in California,” the bill states.