118th Congress Taxation
S. 2963: Community Development Investment Tax Credit Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Cindy Hyde-Smith R-MSOriginal
- Jerry Moran R-KSOriginal
- Gary Peters D-MIOriginal
- Chris Van Hollen D-MDOriginal
- Roger Wicker R-MSOriginal
- John Boozman R-AR
- Kirsten Gillibrand D-NY
- Margaret Hassan D-NH
- Marsha Blackburn R-TN
Who scored on this bill
- 1Mark Warner SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Mark Warner.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.