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HR 6650 118th Congress House Taxation

Community Development Investment Tax Credit Act of 2023

Introduced: December 6, 2023 Introduced by: Thanedar, Shri Democratic · Michigan See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
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.
Dec 6, 2023
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now 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.

 Committees of jurisdiction 2