S. 2220 · 108th Congress
Community Savings and Investment Act of 2004
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HutchisonSponsorNo cosponsors.
Community Savings and Investment Act of 2004 - Amends the Internal Revenue Code to establish a separate corporate income tax rate for qualified community lenders of: (1) 15 percent of the amount of taxable income over $250,000 up to $1 million; and (2) the highest corporate tax rate imposed (currently 35%) for income over $1 million.
What it does: CRS summary · Introduced in Senate · Mar 22, 2004
Community Savings and Investment Act of 2004 - Amends the Internal Revenue Code to establish a separate corporate income tax rate for qualified community lenders of: (1) 15 percent of the amount of taxable income over $250,000 up to $1 million; and (2) the highest corporate tax rate imposed (currently 35%) for income over $1 million. Defines "qualified community lender" as a local community bank which: (1) achieved a satisfactory record of meeting community credit needs at its most recent Federal bank examination: (2) provided not less than 60 percent of its loans to its local community; (2) meets specified community ownership requirements; and (4) has total assets of not more than $1 billion. Reduces tax rates on certain subchapter S taxable income attributable to community lender income.
Excludes from gross income distressed community banking income. Defines "distressed community banking income" as the net income of an FDA-insured bank which is derived from the active conduct of a banking business in a low-income, high unemployment community as defined by the Bank Enterprise Act of 1991.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Community Savings and Investment Act of 2004
Latest action (Mar 22, 2004): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2862-2863)
Policy area: Taxation · Origin: Senate · Introduced: Mar 22, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.