Allows taxpayers to claim a credit for investments in community development corporations and financial institutions.

This bill allows taxpayers to claim a credit against their state income tax, bank tax, or premium tax liability for investments in community development corporations or financial institutions. The credit is equal to 33% of the investment amount. The Department of Commerce must monitor these investments and authorize the tax credits on a first-come, first-served basis. The total annual tax credits are capped at $15 million, with an additional $3 million limit for housing and technical assistance. The credit can be carried over to subsequent years if it exceeds the taxpayer's tax liability.

Allows taxpayers to claim a credit for investments in community development corporations and financial institutions.

This bill allows taxpayers to claim a credit against their state income tax, bank tax, or premium tax liability for investments in community development corporations or financial institutions. The credit is equal to 33% of the investment amount. The Department of Commerce must monitor these investments and authorize the tax credits on a first-come, first-served basis. The total annual tax credits are capped at $15 million, with an additional $3 million limit for housing and technical assistance. The credit can be carried over to subsequent years if it exceeds the taxpayer's tax liability.