US HB5082 | 2019-2020 | 116th Congress
Status
Spectrum: Strong Partisan Bill (Republican 10-1)
Status: Introduced on November 14 2019 - 25% progression, died in committee
Action: 2019-11-15 - Referred to the Subcommittee on Communications and Technology.
Pending: House Subcommittee on Communications and Technology Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 14 2019 - 25% progression, died in committee
Action: 2019-11-15 - Referred to the Subcommittee on Communications and Technology.
Pending: House Subcommittee on Communications and Technology Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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 who 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 either adopt the Act or laws comparable to the Act.
Title
Gigabit Opportunity Act
Sponsors
Rep. Doug Collins [R-GA] | Rep. Henry Cuellar [D-TX] | Rep. Denver Riggleman [R-VA] | Rep. Barry Loudermilk [R-GA] |
Rep. Will Hurd [R-TX] | Rep. Scott Tipton [R-CO] | Rep. Gregory Pence [R-IN] | Rep. Robert Wittman [R-VA] |
Rep. Alexander Mooney [R-WV] | Rep. Ben Cline [R-VA] | Rep. Tom Tiffany [R-WI] |
History
Date | Chamber | Action |
---|---|---|
2019-11-15 | House | Referred to the Subcommittee on Communications and Technology. |
2019-11-14 | House | Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
2019-11-14 | House | Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
2019-11-14 | House | Introduced in House |
Subjects
Administrative law and regulatory procedures
Business investment and capital
Capital gains tax
Economic development
Federal Communications Commission (FCC)
Financial services and investments
Government information and archives
Income tax deductions
Income tax exclusion
Income tax rates
Internet and video services
Securities
State and local government operations
Taxation
Business investment and capital
Capital gains tax
Economic development
Federal Communications Commission (FCC)
Financial services and investments
Government information and archives
Income tax deductions
Income tax exclusion
Income tax rates
Internet and video services
Securities
State and local government operations
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/5082/all-info |
Text | https://www.congress.gov/116/bills/hr5082/BILLS-116hr5082ih.pdf |