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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
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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
Sep 28, 2023
Read twice and referred to the Committee on Finance.
Sep 28, 2023
Introduced in Senate
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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 September 28, 2023

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 6650 Identical bill Community Development Investment Tax Credit Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 9
All 9 Democratic 4 Republican 5
R
Blackburn, Marsha
Tennessee · Mar 19, 2024
 R
Boozman, John
Arkansas · Mar 5, 2024
 D
Gillibrand, Kirsten E.
New York · Mar 5, 2024
 D
Hassan, Margaret Wood
New Hampshire · Mar 5, 2024
 R
Hyde-Smith, Cindy
Mississippi · Sep 28, 2023
 R
Moran, Jerry
Kansas · Sep 28, 2023
 D
Peters, Gary C.
Michigan · Sep 28, 2023
 D
Van Hollen, Chris
Maryland · Sep 28, 2023
 R
Wicker, Roger F.
Mississippi · Sep 28, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2963: Community Development Investment Tax Credit Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-2963/
MLA
"S. 2963: Community Development Investment Tax Credit Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2963/.
Bluebook (legal)
S. 2963, 118th Cong. (2026), https://openamerica.io/bill/118-S-2963/.
Markdown link
[S. 2963: Community Development Investment Tax Credit Act of 2023](https://openamerica.io/bill/118-S-2963/)
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