HB6650: 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
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 create a new tax credit for people or businesses that invest money in Community Development Financial Institutions, which are specialized banks and lenders that serve low-income communities. The credit would reduce the amount of taxes owed by investors who put money into these institutions. This would encourage more funding to flow to communities that typically have difficulty accessing credit. The bill was introduced in Congress and is currently in the early stages of the legislative process.
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HB6650: Community Development Investment Tax Credit Act of 2023