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Community Development Investment Tax Credit Act of 2022
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.
Read the Full Bill
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
Bipartisan Support of Bill S 4418
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
3Democrat Cosponsors
1Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 4418
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 4418
Community Development Investment Tax Credit Act of 2022
Community Development Investment Tax Credit Act of 2022
A bill to amend the Internal Revenue Code of 1986 to provide a credit for investment in Community Development Financial Institutions.
Comments
Sponsors and Cosponsors of S 4418
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