3.0.0 1178 2024-07-24T15:23:22Z 2024-07-24T15:23:22Z House H HR 2023-02-24 118 [Congressional Record Volume 169, Number 36 (Friday, February 24, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. FERGUSON:H.R. 1178.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 18 (Necessary and Proper)The single subject of this legislation is:Telecommunications[Page H876]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-02-24T16:04:05Z 2023-02-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-02-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-02-24 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 Taxation 2023-03-29T17:48:35Z 00 2023-02-24 Introduced in House 2023-03-31T14:27:23Z Broadband Stock Acquisition in Local Exchanges Act or the Broadband SALE 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.

]]> Broadband SALE Act Display Title 45 Broadband SALE Act 2024-07-24T15:23:22Z Short Title(s) as Introduced 101 Broadband SALE Act 2024-05-24T13:41:42Z Introduced in House IH Short Title(s) as Introduced 101 Broadband Stock Acquisition in Local Exchanges Act 2024-05-24T13:41:42Z Introduced in House IH Official Title as Introduced 6 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. 2024-03-18T20:29:37Z Introduced in House IH Introduced in House 2023-02-24T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr1178ih/xml/BILLS-118hr1178ih.xml 2023-02-24 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.