Community Development Investment Tax Credit Act of 2023
Latest action · Sep 28, 2023 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 28, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 9
Members who signed on, in the order they did. Signatures ran from Sep 28, 2023 to Mar 19, 2024, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Chris Van Hollen | Original | Sep 28, 2023 |
| R-MS | Cindy Hyde-Smith | Original | Sep 28, 2023 |
| D-MI | Gary C. Peters | Original | Sep 28, 2023 |
| R-KS | Jerry Moran | Original | Sep 28, 2023 |
| R-MS | Roger F. Wicker | Original | Sep 28, 2023 |
| R-AR | John Boozman | Mar 5, 2024 | |
| D-NY | Kirsten E. Gillibrand | Mar 5, 2024 | |
| D-NH | Margaret Wood Hassan | Mar 5, 2024 | |
| R-TN | Marsha Blackburn | Mar 19, 2024 |
Actions 2
Everything that happened, newest first.
- Sep 28, 2023Introduced in Senate
- Sep 28, 2023Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6650 | Community Development Investment Tax Credit Act of 2023 | Identical bill | Dec 6, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 28, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.