Legis Daily

Community Development Investment Tax Credit Act of 2023

USA118th CongressS-2963| Senate 
| Updated: 9/28/2023
Mark R. Warner

Mark R. Warner

Democratic Senator

Virginia

Cosponsors (9)
Margaret Wood Hassan (Democratic)Cindy Hyde-Smith (Republican)Jerry Moran (Republican)Kirsten E. Gillibrand (Democratic)Marsha Blackburn (Republican)Roger F. Wicker (Republican)John Boozman (Republican)Chris Van Hollen (Democratic)Gary C. Peters (Democratic)

Finance 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

Bill from Previous Congress

S 117-4418
Community Development Investment Tax Credit Act of 2022
Sep 28, 2023
Introduced in Senate
Sep 28, 2023
Read twice and referred to the Committee on Finance.
Dec 6, 2023

Latest Companion Bill Action

HR 118-6650
Introduced in House
  • Bill from Previous Congress

    S 117-4418
    Community Development Investment Tax Credit Act of 2022


  • September 28, 2023
    Introduced in Senate


  • September 28, 2023
    Read twice and referred to the Committee on Finance.


  • December 6, 2023

    Latest Companion Bill Action

    HR 118-6650
    Introduced in House

Taxation

Related Bills

  • HR 118-6650: Community Development Investment Tax Credit Act of 2023

Community Development Investment Tax Credit Act of 2023

USA118th CongressS-2963| Senate 
| Updated: 9/28/2023
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

Bill from Previous Congress

S 117-4418
Community Development Investment Tax Credit Act of 2022
Sep 28, 2023
Introduced in Senate
Sep 28, 2023
Read twice and referred to the Committee on Finance.
Dec 6, 2023

Latest Companion Bill Action

HR 118-6650
Introduced in House
  • Bill from Previous Congress

    S 117-4418
    Community Development Investment Tax Credit Act of 2022


  • September 28, 2023
    Introduced in Senate


  • September 28, 2023
    Read twice and referred to the Committee on Finance.


  • December 6, 2023

    Latest Companion Bill Action

    HR 118-6650
    Introduced in House
Mark R. Warner

Mark R. Warner

Democratic Senator

Virginia

Cosponsors (9)
Margaret Wood Hassan (Democratic)Cindy Hyde-Smith (Republican)Jerry Moran (Republican)Kirsten E. Gillibrand (Democratic)Marsha Blackburn (Republican)Roger F. Wicker (Republican)John Boozman (Republican)Chris Van Hollen (Democratic)Gary C. Peters (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 118-6650: Community Development Investment Tax Credit Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted