Bill Sponsor
Senate Bill 1013
115th Congress(2017-2018)
Gigabit Opportunity Act
Introduced
Introduced
Introduced in Senate on May 3, 2017
Overview
Text
Introduced
May 3, 2017
Latest Action
May 3, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1013
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
West Virginia
Democrat
Delaware
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
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.

Text (1)
Actions (2)
05/03/2017
Read twice and referred to the Committee on Finance.
05/03/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:36:31 PM