Gigabit Opportunity Act
- Last Action
- 5/21/2021
Actions
- 2021-05-21Referred to the Subcommittee on Communications and Technology.
- 2021-05-20Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-05-20Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-05-20Introduced in House
- 2021-05-20Introduced in House
CRS Summary
As of 2021-05-20 (00)
Gigabit Opportunity Act
This bill authorizes the designation of qualified gigabit opportunity zones in low-income communities and provides tax incentives for investments in such zones.
Governors may submit nominations for a limited number of qualified gigabit opportunity zones in low-income communities to the Department of the Treasury for certification and designation and must give particular consideration to areas that
- are facing obstacles to economic development due to a lack of geographic broadband coverage or speed;
- are the focus of mutually reinforcing state, local, or private economic development initiatives;
- are poised for economic growth that requires access to high speed broadband for commercial purposes; and
- represent the areas of a state where such service would result in the highest return on investment.
For eligible taxpayers who sell certain broadband services, the bill allows (1) deferrals, reductions, or exemptions from taxes on capital gains invested in certain property used to provide broadband services in a zone; and (2) immediate expensing of the costs of the property.
The bill also allows tax-exempt private activity bonds to be used for certain broadband projects in the zones.
Within one year of enactment of this bill, the Federal Communications Commission must publish a Uniform Model Broadband Deployment Act containing laws for the state regulation of the deployment of broadband services. Qualified zones must either adopt the Act or laws comparable to the Act.
Cosponsors (20)
- Julia Letlow (R-LA)
- Jim Banks (R-IN)
- Yvette Herrell (R-NM)
- John Moolenaar (R-MI)
- Doug LaMalfa (R-CA)
- Daniel Meuser (R-PA)
- Madison Cawthorn (R-NC)
- W. Steube (R-FL)
- Mike Bost (R-IL)
- David Kustoff (R-TN)
- Mary Miller (R-IL)
- Robert Wittman (R-VA)
- Ronny Jackson (R-TX)
- Claudia Tenney (R-NY)
- Rodney Davis (R-IL)
- David Rouzer (R-NC)
- Burgess Owens (R-UT)
- C. Franklin (R-FL)
- Lance Gooden (R-TX)
- Austin Scott (R-GA)
Subjects
- Administrative law and regulatory procedures
- Business investment and capital
- Capital gains tax
- Economic development
- Federal Communications Commission (FCC)
- Financial services and investments
- Government information and archives
- Income tax deductions
- Income tax exclusion
- Income tax rates
- Internet and video services
- Internet, web applications, social media
- Securities
- State and local government operations
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.