3.0.0 2977 2023-01-11T13:48:59Z 2023-01-11T13:48:59Z House HR 2021-05-04 117 [Congressional Record Volume 167, Number 77 (Tuesday, May 4, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. FERGUSON:H.R. 2977.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution.[Page H2142]]]> hswm00 Ways and Means Committee House Standing Referred to 2021-05-04T14:01:20Z 2021-05-04 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-05-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-05-04 Introduced in House IntroReferral 1000 9 Library of Congress F000465 Rep. Ferguson, A. Drew, IV [R-GA-3] A. Ferguson R GA Drew 3 N Taxation Broadcasting, cable, digital technologies Business investment and capital Capital gains tax Income tax credits Income tax exclusion Internet and video services Internet, web applications, social media Rural conditions and development Telephone and wireless communication Taxation 00 2021-05-04 Introduced in House 2021-10-07T20:33:25Z Connect America Now Act or the CAN Act

This bill allows an exclusion from gross income, for income tax purposes, of gain from the sale or exchange of the entire interest in a wholly-owned rural incumbent local exchange carrier. A rural incumbent local exchange carrier is a carrier that serves (1) an area where it was required to provide communications services by a specified date to any customer regardless of cost, and (2) an area other than an urbanized area with not fewer than 50,000 people and a core where there are not fewer than 1,000 people per square mile. The bill requires recapture of tax for income from the sale or exchange of stock in a carrier not held for at least one year.

The bill allows an investment tax credit for 30% of expenditures to purchase, maintain, or improve property to provide voice telephone service or broadband internet access in rural empowerment zones.

The bill increases the volume cap for private activity bonds and allows the use of bond proceeds for infrastructure for broadband internet access service.

]]> CAN Act Display Title CAN Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to exclude gain from the sale or exchange of the entire interest in a wholly-owned rural incumbent local exchange carrier, and for other purposes. Introduced in House IH Short Title(s) as Introduced CAN Act Introduced in House IH Short Title(s) as Introduced Connect America Now Act Introduced in House IH Introduced in House 2021-05-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr2977ih/xml/BILLS-117hr2977ih.xml 2021-05-04 Referred to the House Committee on Ways and Means. 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.