Community Development Investment Tax Credit Act of 2023
- Last Action
- 9/28/2023
Actions
- 2023-09-28Read twice and referred to the Committee on Finance.
- 2023-09-28Introduced in Senate
CRS Summary
As of 2023-09-28 (00)
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.
Cosponsors (9)
- Roger Wicker (R-MS)
- Gary Peters (D-MI)
- Cindy Hyde-Smith (R-MS)
- Jerry Moran (R-KS)
- Chris Van Hollen (D-MD)
- John Boozman (R-AR)
- Kirsten Gillibrand (D-NY)
- Maggie Hassan (D-NH)
- Marsha Blackburn (R-TN)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.