Community Development Investment Tax Credit Act of 2023

This bill creates a new federal tax credit for investors who make long-term investments in qualified Community Development Financial Institutions (CDFIs), allowing them to claim 3% to 4% of their investment amount annually over a 10-year period. The credit applies to investments held for at least 10 years, with specific "credit allowance dates" marking annual eligibility, and is subject to a national annual limit of $1 billion in 2023 (rising to $2 billion yearly after 2024, adjusted for inflation). CDFIs must apply for allocation of the credit limit based on criteria like community impact, ability to attract private capital, and investment plans, with unused limits carried over to future years. The credit is integrated into the general business tax credit system and applies to investments made after the bill's enactment.