S 2963 118th Congress Senate Taxation

Community Development Investment Tax Credit Act of 2023

Introduced: September 28, 2023 Introduced by: Warner, Mark R. Democratic · Virginia See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 28, 2023

Read twice and referred to the Committee on Finance.

Sep 28, 2023

Introduced in Senate

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 September 28, 2023

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1