This bill establishes a tax credit program designed to promote investments into “impact qualified low-income community businesses.” A company can qualify as one of these businesses by having 51% or more of its ownership interest in the hands of women, favored racial groups, or LGBTQ+ people. CPAC opposes government favoritism toward particular racial and ethnic groups and opposed this bill. The Senate passed this bill on May 30, 2023 by a vote of 18-2 and the bill later became law.