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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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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 6, 2023
Introduced in House
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.
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 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.

 Related & companion bills 1
  • S 2963 Identical bill Community Development Investment Tax Credit Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
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APA
U.S. Congress. (2026). H.R. 6650: Community Development Investment Tax Credit Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-6650/
MLA
"H.R. 6650: Community Development Investment Tax Credit Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-6650/.
Bluebook (legal)
H.R. 6650, 118th Cong. (2026), https://openamerica.io/bill/118-HR-6650/.
Markdown link
[H.R. 6650: Community Development Investment Tax Credit Act of 2023](https://openamerica.io/bill/118-HR-6650/)
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