Community Development Investment Tax Credit Act of 2023

Summary

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

1. 28 September 2023

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 28 September 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 28 September 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 September 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 September 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 September 2023

  Open at official source

Sponsors

• Mark Warner · D · Sponsor
• Roger Wicker · R · Sponsor
• Gary Peters · D · Sponsor
• Cindy Hyde-Smith · R · Sponsor
• Jerry Moran · R · Sponsor
• Chris Van Hollen · D · Sponsor
• John Boozman · R · Cosponsor
• Kirsten Gillibrand · D · Cosponsor
• Maggie Hassan · D · Cosponsor
• Marsha Blackburn · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to ← Community Development Investment Tax Credit Act of 2023