A bill to amend the Internal Revenue Code of 1986 to provide a credit for investment in Community Development Financial Institutions.
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.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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