H.R.2870 - Gigabit Opportunity Act115th Congress (2017-2018) |
|Sponsor:||Rep. Collins, Doug [R-GA-9] (Introduced 06/12/2017)|
|Committees:||House - Ways and Means; Energy and Commerce|
|Latest Action:||House - 06/16/2017 Referred to the Subcommittee on Communications and Technology. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2870 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (06/12/2017)
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.