Gigabit Opportunity Act

Summary

Gigabit Opportunity Act This bill amends the Internal Revenue Code to authorize the designation of qualified gigabit opportunity zones in low-income communities and to provide tax incentives for investments in the 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. Governors 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 that 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 (depending on how long the property is held), 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 adopt either the Act or laws comparable to the Act.

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Timeline

1. 3 May 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 May 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 May 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 May 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 May 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 3 May 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Capito, Shelley Moore [R-WV] · R · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Investing in Opportunity Act
• related to → Investing in Opportunity Act
• related to ← Gigabit Opportunity Act