HR 6650
Community Development Investment Tax Credit Act of 2023
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill creates a tax credit for investments in Community Development Financial Institutions (CDFIs). Investors can claim a credit equal to 3% of their investment for the first 10 years, increasing to 4% after that, with an additional percentage point for investments that don't have a fixed term. The credit is capped at $1 billion annually, escalating over several years, and is intended to boost financial support for low- and moderate-income communities. The bill also establishes a process for allocating these funds among CDFIs based on various criteria.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.