SC S0856

Creates a 33% tax credit against state income, bank, or premium tax for investments in certified community development corporations (CDCs) or community development financial institutions (CDFIs), with a 50% credit available for cash donations

Caps total credits at $15 million aggregate across all taxable years and $3 million annually, with no single CDC or CDFI receiving more than 25% of annual credits

Reserves 25% of annual tax credits during the first three quarters of each year exclusively for small, rural-based community development corporations

Allows unused credits to be carried forward for up to three years from the date of the qualifying investment

Banks may invest up to 10% of their total capital and surplus in qualified CDCs and CDFIs, and the program terminates June 30, 2031 unless reauthorized by the General Assembly