Gigabit Opportunity Act
Latest action · May 3, 2017 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 3, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 21, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-DE | Christopher A. Coons | Jun 21, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred May 3, 2017 |
Actions 2
Everything that happened, newest first.
- May 3, 2017Introduced in Senate
- May 3, 2017Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 293 | Investing in Opportunity Act | Related bill | Oct 3, 2018 |
| HR 828 | Investing in Opportunity Act | Related bill | Feb 2, 2017 |
| HR 2870 | Gigabit Opportunity Act | Identical bill | Jun 16, 2017 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide tax benefits for investments in gigabit opportunity zones.
- Short Titles as Introduced
- Gigabit Opportunity Act
Subjects
Assigned by the Library of Congress. Policy area: 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
Text 1
Each version as it was printed, newest first.
- May 3, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
