S 4418
117th Congress
Senate
Taxation
Community Development Investment Tax Credit Act of 2022
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 16, 2022
Read twice and referred to the Committee on Finance.
Jun 16, 2022
Introduced in Senate
Plain-English summary
Community Development Investment Tax Credit Act of 2022
This bill allows a new tax credit for investment in Community Development Financial Institutions (CDFIs) to benefit underserved communities. The credit amount is a specified percentage of investment in a CDFI during successive ten year periods. The total credit amount is capped at $1 billion in 2022, $1.5 billion in 2023, and $2 billion in 2024 and each year thereafter, adjusted for inflation.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1