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S 4418 United States Senate · 117th Congress

Community Development Investment Tax Credit Act of 2022

Summary
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.
Issues: ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for CDFI investments, directing funds to underserved communities via tax incentives, aligning with fiscal support for community development.95% confidence ✓ HousingSupports HousingBill creates tax credit for CDFI investments in underserved communities, directly funding affordable housing development through financial institutions focused on low-income areas.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jun 2022
Committee Review
Floor Vote
President
Introduced Jun 16, 2022 Last action Jun 16, 2022
Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Jun 16, 2022
Committee
Read twice and referred to the Committee on Finance.
upper
Jun 16, 2022
Introduced
Introduced in Senate
upper
1 primary · 3 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Mark R. Warner
Mark R. Warner
DDemocratic
VA
n/a
Co
Photo of Chris Van Hollen
Chris Van Hollen
DDemocratic
MD
n/a
Co
Photo of Cindy Hyde-Smith
Cindy Hyde-Smith
RRepublican
MS
n/a
Co
Photo of Roger F. Wicker
Roger F. Wicker
RRepublican
MS
n/a