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A bill to amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.

USA115th CongressS-1013| Senate 
| Updated: 5/3/2017
Shelley Moore Capito

Shelley Moore Capito

Republican Senator

West Virginia

Cosponsors (1)
Christopher A. Coons (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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
May 3, 2017
Introduced in Senate
May 3, 2017
Read twice and referred to the Committee on Finance.
Jun 16, 2017

Latest Companion Bill Action

HR 115-2870
Referred to the Subcommittee on Communications and Technology.
  • May 3, 2017
    Introduced in Senate


  • May 3, 2017
    Read twice and referred to the Committee on Finance.


  • June 16, 2017

    Latest Companion Bill Action

    HR 115-2870
    Referred to the Subcommittee on Communications and Technology.

Taxation

Related Bills

  • S 115-293: A bill to amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in opportunity zones.
  • HR 115-2870: To amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.
  • HR 115-828: To amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in opportunity zones.
Administrative law and regulatory proceduresBusiness investment and capitalCapital gains taxEconomic developmentFederal Communications Commission (FCC)Financial services and investmentsIncome tax deductionsIncome tax exclusionIncome tax ratesInternet and video servicesInternet, web applications, social mediaSecuritiesState and local government operations

A bill to amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.

USA115th CongressS-1013| Senate 
| Updated: 5/3/2017
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 3, 2017
Introduced in Senate
May 3, 2017
Read twice and referred to the Committee on Finance.
Jun 16, 2017

Latest Companion Bill Action

HR 115-2870
Referred to the Subcommittee on Communications and Technology.
  • May 3, 2017
    Introduced in Senate


  • May 3, 2017
    Read twice and referred to the Committee on Finance.


  • June 16, 2017

    Latest Companion Bill Action

    HR 115-2870
    Referred to the Subcommittee on Communications and Technology.
Shelley Moore Capito

Shelley Moore Capito

Republican Senator

West Virginia

Cosponsors (1)
Christopher A. Coons (Democratic)

Finance Committee

Taxation

Related Bills

  • S 115-293: A bill to amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in opportunity zones.
  • HR 115-2870: To amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.
  • HR 115-828: To amend the Internal Revenue Code of 1986 to provide for the deferral of inclusion in gross income for capital gains reinvested in opportunity zones.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBusiness investment and capitalCapital gains taxEconomic developmentFederal Communications Commission (FCC)Financial services and investmentsIncome tax deductionsIncome tax exclusionIncome tax ratesInternet and video servicesInternet, web applications, social mediaSecuritiesState and local government operations