S. 2963 · 118th Congress
Community Development Investment Tax Credit Act of 2023
- Stage
- In committee
- Sponsor
- Mark Warner
- Introduced
- 2023-09-28
- Latest action
- 2023-09-28 · Introduced in Senate
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.