3.0.0 1013 2023-01-11T13:36:31Z 2023-01-11T13:36:31Z Senate S 2017-05-03 115 ssfi00 Finance Committee Senate Standing Referred to 2017-05-03T14:22:59Z Investing in Opportunity Act 115 828 HR 2017-02-02 Referred to the House Committee on Ways and Means. Related bill CRS Investing in Opportunity Act 115 293 S 2018-10-03 Committee on Small Business and Entrepreneurship. Hearings held. Related bill CRS Gigabit Opportunity Act 115 2870 HR 2017-06-16 Referred to the Subcommittee on Communications and Technology. Identical bill CRS 2017-05-03 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-05-03 Introduced in Senate IntroReferral 10000 9 Library of Congress C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore N C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2017-06-21 False Taxation 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 Internet, web applications, social media Securities State and local government operations Taxation 00 2017-05-03 Introduced in Senate 2017-09-11T20:08:35Z 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.

]]> Gigabit Opportunity Act Display Title Gigabit Opportunity Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones. Introduced in Senate IS Short Titles as Introduced Gigabit Opportunity Act Introduced in Senate 2017-05-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1013is/xml/BILLS-115s1013is.xml 2017-05-03 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.