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Community Development Investment Tax Credit Act of 2023

USA118th CongressHR-6650| House 
| Updated: 12/6/2023
Shri Thanedar

Shri Thanedar

Democratic Representative

Michigan

Ways and Means Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Community Development Investment Tax Credit Act of 2023 This bill allows investors a business-related tax credit for investment in a Community Development Financial Institution (CDFI). The applicable percentage of such credit is 3% for the first 10 years of investment in a CDFI with a 1% increase after the initial credit allowance date and for investments without a fixed term or duration. The tax credit is available to investors who invest in various CDFIs to provide financial support for increasing wealth in low- and moderate-income communities. The national limitation on the credit is $1 billion for 2022, $1.5 billion for 2023, and $2 billion for 2024 and each year thereafter, with adjustments for inflation.
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Timeline
Sep 28, 2023

Latest Companion Bill Action

S 118-2963
Introduced in Senate
Dec 6, 2023
Introduced in House
Dec 6, 2023
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • September 28, 2023

    Latest Companion Bill Action

    S 118-2963
    Introduced in Senate


  • December 6, 2023
    Introduced in House


  • December 6, 2023
    Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Taxation

Related Bills

  • S 118-2963: Community Development Investment Tax Credit Act of 2023

Community Development Investment Tax Credit Act of 2023

USA118th CongressHR-6650| House 
| Updated: 12/6/2023
Community Development Investment Tax Credit Act of 2023 This bill allows investors a business-related tax credit for investment in a Community Development Financial Institution (CDFI). The applicable percentage of such credit is 3% for the first 10 years of investment in a CDFI with a 1% increase after the initial credit allowance date and for investments without a fixed term or duration. The tax credit is available to investors who invest in various CDFIs to provide financial support for increasing wealth in low- and moderate-income communities. The national limitation on the credit is $1 billion for 2022, $1.5 billion for 2023, and $2 billion for 2024 and each year thereafter, with adjustments for inflation.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 28, 2023

Latest Companion Bill Action

S 118-2963
Introduced in Senate
Dec 6, 2023
Introduced in House
Dec 6, 2023
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  • September 28, 2023

    Latest Companion Bill Action

    S 118-2963
    Introduced in Senate


  • December 6, 2023
    Introduced in House


  • December 6, 2023
    Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Shri Thanedar

Shri Thanedar

Democratic Representative

Michigan

Ways and Means Committee, Financial Services Committee

Taxation

Related Bills

  • S 118-2963: Community Development Investment Tax Credit Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted