All Information (Except Text) for S.1013 - Gigabit Opportunity Act115th Congress (2017-2018)
|Sponsor:||Sen. Capito, Shelley Moore [R-WV] (Introduced 05/03/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/03/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|05/03/2017||Introduced in Senate|
05/03/2017 Introduced in Senate
All Actions (1)
|05/03/2017||Read twice and referred to the Committee on Finance.|
Action By: Senate
05/03/2017 Read twice and referred to the Committee on Finance.
|Sen. Coons, Christopher A. [D-DE]||06/21/2017|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||05/03/2017||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Administrative law and regulatory procedures
- Business investment and capital
- Capital gains tax
- Economic development
- Federal Communications Commission (FCC)
- Financial services and investments
- Income tax deductions
- Income tax exclusion
- Income tax rates
- Internet and video services
- State and local government operations
Latest Summary (1)
Introduced in Senate (05/03/2017)
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.