Community Development Investment Tax Credit Act of 2022

Hozzl · 2022-12-29T17:48:35Z

Explore the details of Senate Bill 4418 Community Development Investment Tax Credit Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 5:48 PM

Congressional Summary of S 4418

Community Development Investment Tax Credit Act of 2022

This bill allows a new tax credit for investment in Community Development Financial Institutions (CDFIs) to benefit underserved communities. The credit amount is a specified percentage of investment in a CDFI during successive ten year periods. The total credit amount is capped at $1 billion in 2022, $1.5 billion in 2023, and $2 billion in 2024 and each year thereafter, adjusted for inflation.

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Current Status of Bill S 4418

Bill S 4418 is currently in the status of Bill Introduced since June 16, 2022. Bill S 4418 was introduced during Congress 117 and was introduced to the Senate on June 16, 2022. Bill S 4418's most recent activity was Read twice and referred to the Committee on Finance. as of June 16, 2022