3.0.0 2220 2023-01-15T11:03:07Z 2023-01-15T11:03:07Z Senate S S 2004-03-22 108 ssfi00 Finance Committee Senate Standing Referred to 2004-03-22T21:38:45Z 2004-03-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2862-2863) IntroReferral 2004-03-22 Sponsor introductory remarks on measure. (CR S2862) IntroReferral B00100 9 Library of Congress 2004-03-22 Introduced in Senate IntroReferral 10000 9 Library of Congress H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY N Taxation Bank loans Commerce Community development banking Corporation taxes Depressed areas Economics and Public Finance Finance and Financial Sector Income tax Small business Tax exclusion Tax rates Taxation 00 2004-03-22 Introduced in Senate 2004-05-25T20:42:27Z 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.

]]> Community Savings and Investment Act of 2004 Display Title Community Savings and Investment Act of 2004 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to encourage a strong community-based banking system. Introduced in Senate IS Short Titles as Introduced Community Savings and Investment Act of 2004 Introduced in Senate 2004-03-22T05:00:00Z 2004-03-22 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2862-2863) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.