S. 4418 · 117th Congress
Community Development Investment Tax Credit Act of 2022
- Stage
- In committee
- Sponsor
- Mark Warner
- Introduced
- 2022-06-16
- Latest action
- 2022-06-16 · Introduced in Senate
Summary
Community Development Investment Tax Credit Act of 2022
This bill allows a new tax credit for investment in Community Development Financial Institutions (CDFIs) to benefit underserved communities. The credit amount is a specified percentage of investment in a CDFI during successive ten year periods. The total credit amount is capped at $1 billion in 2022, $1.5 billion in 2023, and $2 billion in 2024 and each year thereafter, adjusted for inflation.