SB2963: Community Development Investment Tax Credit Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Internal Revenue Code of 1986 to provide a credit for investment in Community Development Financial Institutions.
Plain-language summary
This bill would amend the tax code to create a new tax credit for people and businesses that invest money in Community Development Financial Institutions, which are specialized lenders that provide banking services to low-income communities and underserved areas. A tax credit reduces the amount of taxes owed, dollar-for-dollar. The bill aims to encourage investment in these institutions by offering tax breaks to investors. The bill has been introduced in Congress and is currently awaiting review.
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SB2963: Community Development Investment Tax Credit Act of 2023
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Sponsors
Mark Warner
Primary SponsorCo-sponsors (9)
Roger Wicker
Gary Peters
Cindy Hyde-Smith
Jerry Moran
Chris Van Hollen