,,ii  #aae? ,,congress  #a/ ,session    
,s4 #ajac  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #c1 #bjag,mrs4    
,capito introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide tax    
b5efits = inve/m5ts 9 gigabit           
opportunity zones4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,gigabit          
,opportunity ,act4  #b4 ,gigabit        
,opportunity ,zones  7a7 ,e/abli%m5t (  
zones & b5efits  7#a7 ,9 g5]al ,*apt] #a
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+3  ,z    
,gigabit ,opportunity ,zones  ,sec4     
#adjj,z-#a4 ,designation4 ,sec4         
#adjj,z-#b4 ,def]ral = eligible taxpay] 
( capital ga9s inve/$ 9 gigabit         
opportunity zones4 ,sec4 #adjj,z-#c4    
,imm$iate exp5s+ ( qualifi$ gigabit     
opportunity zone bus9ess prop]ty4       
#adjj,z-#a4 ,designation  7a7 ,qualifi$ 
gigabit opportunity zone def9$ ,= !     
purposes ( ?is sub*apt]1 ! t]m qualifi$ 

gigabit opportunity zone means a        
population c5sus tract t is a l[-income 
community--  7#a7 :i* is locat$ 9 a     
jurisdiction-- 7,a7 t has be5 c]tifi$ by
 ,secret>y1 9 consultation ) ! ,national
 ,telecommunications & ,in=mation       
,adm9i/ration1 z hav+ adopt$ ! ,uni=m   
,model ,broadb& ,deploym5t ,act         
prescrib$ by ! ,f$]al ,communications   
,commission pursuant to section #d ( !  
,gigabit ,opportunity ,act1 or  7,b7 :i*
 has be5 det]m9$ by ! ,secret>y1 9      
consultation ) ! ,national              
,telecommunications & ,in=mation        
,adm9i/ration1 to h adopt$ laws :i* are 
comp>able to su* ,model ,broadb&        
,developm5t ,act1 &  7#b7 :i* is        
designat$ z a qualifi$ gigabit          
opportunity zone4  ,p>agraph 7#a77;,b7  
%all n apply ) respect to any           
jurisdiction = :i* a det]m9ation has be5
 made aft] ! date :i* is #c ye>s aft] ! 
date ( ! enactm5t ( ?is section4  7b7   
,designation  7#a7 ,9 g5]al ,= purposes 
( subsection 7a77#c71 a population c5sus

 tract t is a l[-income community & :i* 
meets ! requirem5ts ( p>agraph 7#a7 (   
subsection 7a7 is designat$ z a qualifi$
 gigabit opportunity zone if--  7,a7 n  
lat] ?an ! end ( ! det]m9ation p]iod1 ! 
gov]nor ( ! ,/ate 9 :i* ! tract is      
locat$--  7i7 nom9ates ! tract =        
designation z a qualifi$ gigabit        
opportunity zone1 &  7ii7 notifies !    
,secret>y 9 writ+ ( su* nom9ation1 &    
7,b7 ! ,secret>y c]tifies su* nom9ation 
& designates su* tract z a qualifi$     
gigabit opportunity zone be=e ! end ( ! 
consid]ation p]iod4  7#b7 ,ext5sion (   
p]iods ,a gov]nor may reque/ t !        
,secret>y ext5d ei!r ! det]m9ation or   
consid]ation p]iod1 or bo? 7det]m9$ )\t 
reg>d to ?is subp>agraph71 = an         
additional #cj days4  7c7 ,o!r          
def9itions ,= purposes ( ?is            
subsection-- 7#a7 ,l[-income communities
 ,! t]m l[-income community has ! same  
mean+ z :5 us$ 9 section #de;,d7e74     
7#b7 ,def9ition ( p]iods  7,a7          
,consid]ation p]iod ,! t]m consid]ation 

p]iod means ! #cj-;day p]iod beg9n+ on !
 date on :i* ! ,secret>y receives notice
 "u subsection 7b77#a77;,a77ii71 z      
ext5d$ "u subsection 7b77#b74  7,b7     
,det]m9ation p]iod ,! t]m det]m9ation   
p]iod means ! #ij-;day p]iod beg9n+ on !
 date on :i* ! ,/ate adopts ! ,uni=m    
,model ,broadb& ,act describ$ 9         
subsection 7a77#a77;,a71 z ext5d$ "u    
subsection 7b77#b74  7d7 ,guidance =    
opportunity zone nom9ations ,:5 consid]+
 ! nom9ation ( qualifi$ gigabit         
opportunity zones1 gov]nors %\ld /rive =
 ! creation ( qualifi$ gigabit          
opportunity zones t are geographically  
conc5trat$ & contigu\s clu/]s (         
population c5sus tracts & %\ld give     
p>ticul> consid]ation to areas t--  7#a7
 are curr5tly fac+ ob/acles to economic 
developm5t due to a lack ( geographic   
broadb& cov]age or a lack ( broadb&     
spe$1  7#b7 are curr5tly ! focus (      
mutually re9=c+ ,/ate1 local1 or private
 economic developm5t initiatives1 &     
7#c7 7,a7 are pois$ = economic gr[? t   

requires access to high spe$ broadb& =  
comm]cial purposes1 &  7,b7 repres5t !  
areas ( a ,/ate :]e su* s]vice w\ld     
result 9 ! highe/ return on inve/m5t4   
7e7 ,numb] ( designations  7#a7 ,9 g5]al
 ,except z provid$ by p>agraph 7#b71 !  
numb] ( population c5sus tracts 9 a     
,/ate t may be designat$ z qualifi$     
gigabit opportunity zones "u ?is section
 may n exce$ #be p]c5t ( ! numb] (      
l[-income communities 9 ! ,/ate4  7#b7  
,exception ,if ! numb] ( l[-income      
communities 9 a ,/ate is less ?an #ajj1 
!n a total ( #be ( su* tracts may be    
designat$ z qualifi$ gigabit opportunity
 zones4  7f7 ,designation ( tracts      
contigu\s ) l[-,income communities  7#a7
 ,9 g5]al ,a population c5sus tract t is
 n a l[-income community may be         
designat$ z a qualifi$ gigabit          
opportunity zone "u ?is section if--    
7,a7 su* tract meets ! requirem5ts (    
p>agraph 7#a7 ( subsection 7a71  7,b7 ! 
tract is contigu\s ) ! l[-income        
community t is designat$ z a qualifi$   

gigabit opportunity zone1 &  7,c7 !     
m$ian family income ( ! tract does n    
exce$ #aej p]c5t ( ! m$ian family income
 ( ! l[-income community ) :i* ! tract  
is contigu\s4  7#b7 ,limitation ,n m ?an
 #be p]c5t ( ! population c5sus tracts  
designat$ 9 a ,/ate z a qualifi$ gigabit
 opportunity zone may be designat$ "u   
p>agraph 7#a74  7g7 ,p]iod = :i*        
designation is 9 effect ,a designation z
 a qualifi$ gigabit opportunity zone    
%all rema9 9 effect = ! p]iod beg9n+ on 
! date ( ! designation & end+ at ! close
 ( ! #g? cal5d> ye> beg9n+ on or aft]   
su* date ( designation4  #adjj,z-#b4    
,def]ral = eligible taxpay] ( capital   
ga9s inve/$ 9 gigabit opportunity zones 
7a7 ,9 g5]al  7#a7 ,exclusion ( ga9     
inve/$ 9 gigabit opportunity zone       
prop]ty ,9 ! case ( ga9 f ! sale to1 or 
ex*ange )1 an unrelat$ p]son ( any      
prop]ty held by an eligible taxpay]1 at 
! election ( ! eligible taxpay]--  7,a7 
gross income = ! taxable ye> %all n     
include s mu* ( su* ga9 z does n exce$ !

 aggregate co/ ( all qualifi$ gigabit   
opportunity zone prop]ty acquir$ by !   
taxpay] dur+ ! #ahj-;day p]iod beg9n+ on
 ! date ( su* sale or ex*ange1 &  7,b7 !
 am\nt ( ga9 exclud$ by subp>agraph 7,a7
 %all be includ$ 9 gross income z       
provid$ by p>agraph 7#b74  7#b7 ,def]ral
 ( ga9 inve/$ 9 qualifi$ gigabit        
opportunity zone prop]ty  7,a7 ,ye> (   
inclusion ,except z provid$ by          
subp>agraph 7,c71 ga9 to :i* p>agraph   
7#a77;,b7 applies %all be includ$ 9     
income 9 ! taxable ye> 9 :i* ! qualifi$ 
gigabit opportunity zone prop]ty relat$ 
to su* ga9 is sold or ex*ang$ 9 ! am\nt 
det]m9$ "u subp>agraph 7,b74  7,b7      
,am\nt includible ,! am\nt ( ga9 det]m9$
 "u ?is clause %all be-- 7i7 #ajj p]c5t 
( su* ga9 9 ! case ( ! sale or ex*ange (
 ! qualifi$ gigabit opportunity zone    
prop]ty ) respect to :i* ga9 is def]r$  
"u p>agraph 7#a7 t is held = less ?an #e
 ye>s1  7ii7 #ij p]c5t ( su* ga9 9 !    
case ( ! sale or ex*ange ( ! qualifi$   
gigabit opportunity zone prop]ty )      

respect to :i* ga9 is def]r$ "u p>agraph
 7#a7 t is held = at lea/ #e ye>s b less
 ?an #g ye>s1 &  7iii7 #he p]c5t ( su*  
ga9 9 ! case ( ! sale or ex*ange ( !    
qualifi$ gigabit opportunity zone       
prop]ty ) respect to :i* ga9 is def]r$  
"u p>agraph 7#a7 t is held = at lea/ #g 
ye>s4  7#c7 ,exclusion ( ga9 on qualifi$
 gigabit opportunity zone prop]ty held =
 at lea/ #aj ye>s ,except z provid$ 9   
p>agraph 7#b71 9 ! case ( ! sale or     
ex*ange ( qualifi$ gigabit opportunity  
zone prop]ty1 or an inve/m5t 9 a        
qualifi$ opportunity fund1 held = at    
lea/ #aj ye>s1 gross income = ! taxable 
ye> %all n include any ga9 f ! sale or  
ex*ange ( su* prop]ty or inve/m5t4  7#d7
 ,"o election p] prop]ty ,no election   
may be made "u p>agraph 7#a7 ) respect  
to a sale or ex*ange if an election     
previ\sly made ) respect to su* sale or 
ex*ange is 9 effect4  7b7 ,basis rules  
relat+ to qualifi$ gigabit opportunity  
zone prop]ty  7#a7 ,r$uc$ by ga9 def]r$ 
"u subsection 7a77#a7 ,! basis ( a      

qualifi$ gigabit opportunity zone       
prop]ty imm$iately aft] its acquisition 
"u subsection 7a7 %all be r$uc$ by !    
am\nt ( ga9 def]r$ by reason (          
subsection 7a77#a77;,a7 ) respect to su*
 prop]ty4  7#b7 ,increase = ga9         
recogniz$ "u subsection 7a77#b7 ,! basis
 ( qualifi$ gigabit opportunity zone    
prop]ty %all be increas$ by ! am\nt (   
ga9 recogniz$ by reason ( subsection    
7a77#b7 ) respect to su* prop]ty4  7#c7 
,subsequ5t increase 9 basis = prop]ty   
held = at lea/ #e ye>s b less ?an #aj   
ye>s ,9 ! case ( qualifi$ gigabit       
opportunity zone prop]ty held = at lea/ 
#e ye>s b less ?an #aj ye>s--  7,a7     
,prop]ty held = #e ye>s ,= qualifi$     
gigabit opportunity zone prop]ty held = 
at lea/ #e ye>s1 ! basis ( su* prop]ty  
%all be increas$ by an am\nt equal to   
#aj p]c5t ( ! am\nt ( ga9 def]r$ by     
reason ( subsection 7a77#a77;,a7 )      
respect to su* prop]ty4  7,b7 ,prop]ty  
held = #g ye>s ,= qualifi$ gigabit      
opportunity zone prop]ty held = at lea/ 

#g ye>s1 ! basis ( su* prop]ty %all be  
increas$ by an am\nt equal to #e p]c5t (
 ! am\nt ( ga9 def]r$ by reason (       
subsection 7a77#a77;,a7 ) respect to su*
 prop]ty4  7c7 ,eligible taxpay] ,=     
purposes ( ?is section1 ! t]m eligible  
taxpay] means any taxpay] :o has a trade
 or bus9ess a sub/antial "p ( :i*       
consi/s ( sell+ broadb& ,int]net s]vice 
to comm]cial cu/om]s1 resid5tial        
cu/om]s1 or bo? ?r\gh "o or a comb9ation
 ( ! foll[+ te*nologies3  7#a7 ,digital 
,subscrib] ,l9e transmission te*nology t
 transmits data fa/] ov] traditional    
copp] telephone l9es1 )\t reg>ds to !   
specific type ( ,digital ,subscrib] ,l9e
 transmission te*nology su* z           
,asymmetrical ,digital ,subscrib] ,l9e1 
,symmetrical ,digital ,subscrib] ,l9e1  
,high data rate ,digital ,subscrib]     
,l9e1 or ,v ,high data rate ,digital    
,subscrib] ,l9e4  7#b7 ,cable ,modem    
transmission te*nology t enables        
op]ators to provide broadb& us+ ! same  
coaxial cables t deliv] pictures & s\nd 

to televisions4  7#c7 ,fib] optic       
transmission te*nology t conv]ts        
electrical signals c>ry+ data to light &
 s5ds ! light ?r\gh transp>5t glass     
fib]s4  7#d7 ,wireless transmission     
te*nology t utilizes a radio l9k betwe5 
! cu/om]'s location & ! s]vice provid]'s
 facility1 :e!r mobile or fix$4  7#e7   
,satellite transmission te*nology t     
provides broadb& l9ks via orbit+        
satellites4  7#f7 ,broadb& ov] p[]l9e   
transmission te*nology t deliv]s broadb&
 ov] ! exi/+ l[- & m$ium-voltage        
electric p[] di/ribution network4  7#g7 
,su* o!r te*nologies z ! ,secret>y1 9   
consultation ) ! ,f$]al ,communications 
,commission1 may designate by rule z a  
broadb& provid] te*nology4  7d7         
,qualifi$ gigabit opportunity zone      
prop]ty ,= purposes ( ?is section3 7#a7 
,9 g5]al ,! t]m qualifi$ gigabit        
opportunity zone prop]ty means prop]ty  
:i* is--  7,a7 qualifi$ gigabit         
opportunity zone /ock1  7,b7 qualifi$   
gigabit opportunity zone p>tn]%ip       

int]e/1  7,c7 qualifi$ gigabit          
opportunity zone bus9ess prop]ty1 or    
7,d7 an int]e/ 9 a qualifi$ inve/m5t    
fund4  7#b7 ,qualifi$ gigabit           
opportunity zone /ock  7,a7 ,9 g5]al    
,except z provid$ 9 subp>agraph 7,b71 ! 
t]m qualifi$ gigabit opportunity zone   
/ock means any /ock 9 a dome/ic         
corporation if-- 7i7 su* /ock is acquir$
 by ! taxpay] aft] ,decemb] #ca1 #bjag1 
at its orig9al issue 7directly or ?r\gh 
an und]writ]7 f ! corporation solely 9  
ex*ange = ca%1  7ii7 z ( ! "t su* /ock 0
 issu$1 su* corporation 0 a qualifi$    
gigabit opportunity zone bus9ess 7or1 9 
! case ( a new corporation1 su*         
corporation 0 be+ organiz$ = purposes ( 
be+ a qualifi$ gigabit opportunity zone 
bus9ess71 &  7iii7 dur+ sub/antially all
 ( ! taxpay]'s hold+ p]iod = su* /ock1  
su* corporation qualifi$ z a qualifi$   
gigabit opportunity zone bus9ess4  7,b7 
,r$emptions ,a rule simil> to ! rule (  
section #abjb7;c77#c7 %all apply =      
purposes ( ?is p>agraph4  7#c7 ,qualifi$

 gigabit opportunity zone p>tn]%ip      
int]e/ ,! t]m qualifi$ gigabit          
opportunity zone p>tn]%ip int]e/ means  
any capital or pr(its int]e/ 9 a dome/ic
 p>tn]%ip if--  7,a7 su* int]e/ is      
acquir$ by ! taxpay] aft] ,decemb] #ca1 
#bjag1 f ! p>tn]%ip solely 9 ex*ange =  
ca%1  7,b7 z ( ! "t su* int]e/ 0        
acquir$1 su* p>tn]%ip 0 a qualifi$      
gigabit opportunity zone bus9ess 7or1 9 
! case ( a new p>tn]%ip1 su* p>tn]%ip 0 
be+ organiz$ = purposes ( be+ a qualifi$
 gigabit opportunity zone bus9ess71 &   
7,c7 dur+ sub/antially all ( ! taxpay]'s
 hold+ p]iod = su* int]e/1 su* p>tn]%ip 
qualifi$ z a qualifi$ gigabit           
opportunity zone bus9ess4  7#d7         
,qualifi$ gigabit opportunity zone      
bus9ess prop]ty  7,a7 ,9 g5]al ,! t]m   
qualifi$ gigabit opportunity zone       
bus9ess prop]ty means tangible prop]ty  
us$ 9 a trade or bus9ess ( ! taxpay]    
if-- 7i7 su* prop]ty--  7,i7 is us$     
prim>ily to provide broadb& transmission
 s]vices to locations :i* d n h su*     

s]vice t meets ! m9imum spe$ requirem5ts
 requir$ = univ]sal s]vice support "u   
,phase ,,ii ( ! ,connect ,am]ica ,fund (
 ! ,f$]al ,communications ,commission1 z
 set =? "u subp>t ,d ( "p #ed ( title   
#dg1 ,code ( ,f$]al ,regulations1 &     
7,,ii7 is capable ( transmitt+ signals  
at a rate ( at lea/ #a1jjj1jjj1jjj bits 
p] second1  7ii7 su* prop]ty 0 acquir$  
by ! taxpay] by pur*ase 7z def9$ 9      
section #agi7;d77#b77 aft] ,decemb] #ca1
 #bjag1  7iii7 ! orig9al use ( su*      
prop]ty 9 ! qualifi$ gigabit opportunity
 zone comm5ces ) ! taxpay] or ! taxpay] 
sub/antially improves ! prop]ty1 &  7iv7
 dur+ sub/antially all ( ! taxpay]'s    
hold+ p]iod = su* prop]ty1 sub/antially 
all ( ! use ( su* prop]ty 0 9 a qualifi$
 gigabit opportunity zone4  7,b7        
,special rule = c]ta9 prop]ty ,9 ! case 
( prop]ty :i* is plac$ 9 s]vice be=e    
,janu>y #a1 #bjba1 & :i* is ) respect to
 te*nology describ$ 9 p>agraph 7#d7 or  
7#e7 ( subsection 7c71 subp>agraph      
7,a77i77,,ii7 %all be appli$ by         

sub/itut+ #aej1jjj1jjj bits p] second = 
#a1jjj1jjj1jjj bits p] second4  7,c7    
,sub/antial improvem5t ,= purposes (    
subp>agraph 7,a77iii71 prop]ty %all be  
treat$ z sub/antially improv$ by !      
taxpay] only if1 dur+ any #cj-mon? p]iod
 beg9n+ aft] ! date ( acquisition ( su* 
prop]ty1 additions to basis ) respect to
 su* prop]ty 9 ! h&s ( ! taxpay] exce$  
an am\nt equal to ! adju/$ basis ( su*  
prop]ty at ! beg9n+ ( su* #cj-mon? p]iod
 9 ! h&s ( ! taxpay]4  7,d7 ,treatm5t ( 
relat$ p>ties ,= purposes ( subp>agraph 
7,a77ii71 ! rules ( subp>agraph 7,a7 (  
section #agi7;d77#b7 %all be appli$ us+ 
! relation%ip describ$ 9 subsection     
7e77#b7 9 lieu ( ! relation%ip describ$ 
9 su* subp>agraph4  7#e7 ,qualifi$      
gigabit opportunity fund ,! t]m qualifi$
 gigabit opportunity fund means any     
inve/m5t vehicle organiz$ z a           
corporation or a p>tn]%ip = ! purpose ( 
inve/+ 9 qualifi$ gigabit opportunity   
zone prop]ty 7o!r ?an ano!r qualifi$    
opportunity fund7 t holds at lea/ #ij   

p]c5t ( its assets 9 qualifi$           
opportunity zone prop]ty1 det]m9$--     
7,a7 on ! la/ day ( ! fir/ #f-mon? p]iod
 ( ! taxable ye> ( ! fund1 &  7,b7 on ! 
la/ day ( ! taxable ye> ( ! fund4  7#f7 
,qualifi$ gigabit opportunity zone      
bus9ess  7,a7 ,9 g5]al ,! t]m qualifi$  
gigabit opportunity zone bus9ess means a
 trade or bus9ess-- 7i7 9 :i*           
sub/antially all ( ! tangible prop]ty   
own$ or leas$ by ! taxpay] is qualifi$  
gigabit opportunity zone bus9ess        
prop]ty1  7ii7 :i* satisfies !          
requirem5ts ( p>agraphs 7#b71 7#d71 &   
7#h7 ( section #acig;,c7b71 &  7iii7 :i*
 is n describ$ 9 section                
#add7;c77#f77;,b74  7,b7 ,special rule  
,= purposes ( subp>agraph 7,a71 tangible
 prop]ty t ceases to be a qualifi$      
gigabit opportunity zone bus9ess prop]ty
 %all cont9ue to be treat$ z a qualifi$ 
gigabit opportunity zone bus9ess prop]ty
 = ! less] (--  7i7 #e ye>s aft] ! date 
on :i* su* tangible prop]ty ceases to be
 s qualifi$1 or  7ii7 ! date on :i* su* 

tangible prop]ty is no long] held by !  
qualifi$ gigabit opportunity zone       
bus9ess4  7e7 ,applicable rules  7#a7 ,9
 g5]al ,= purposes ( ?is section &      
except z o!rwise provid$ 9 ?is section1 
rules simil> to ! rules applicable to   
def]r$ l k9d ex*anges "u section #ajca  
%all apply except t re9ve/m5t 9 qualifi$
 gigabit opportunity zone prop]ty ne$ n 
require an int]m$i>y p>ty4  7#b7 ,relat$
 p]sons ,= purposes ( ?is subsection1   
p]sons are relat$ to ea* o!r if su*     
p]sons are describ$ 9 section #bfg7;b7  
or #gjg7;b77#a71 det]m9$ by sub/itut+   
#bj p]c5t = #ej p]c5t ea* place x occurs
 9 su* sections4  7#c7 ,dec$5ts ,9 !    
case ( a dec$5t1 am\nts recogniz$ "u ?is
 section %all1 if n prop]ly includible 9
 ! gross income ( ! dec$5t1 be          
includible 9 gross income z provid$ by  
section #fia4  7#d7 ,regulations ,!     
,secret>y %all prescribe su* regulations
 z may be necess>y or appropriate to    
c>ry out ! purposes ( ?is section1      
includ+--  7,a7 rules provid+ =         

proportionate inclusion 9 income &      
increases 9 basis = purposes (          
subsections 7a7 & 7b7 9 cases 9 :i* a   
sale or ex*ange ( any qualifi$ gigabit  
opportunity zone prop]ty ) respect to   
:i* ga9 is def]r$ "u subsection         
7a77#a77;,a7 is less ?an all ( su*      
prop]ty1  7,b7 rules requir+ taxpay]s to
 provide su* in=mation z ! ,secret>y    
det]m9es to be necess>y or appropriate =
 ! id5tification ( bo? ! assets sold    
7includ+ basis & sale price7 & ! assets 
acquir$ & inve/m5ts made1 &  7,c7 rules 
to prev5t abuse4  #adjj,z-#c4 ,imm$iate 
exp5s+ ( qualifi$ gigabit opportunity   
zone bus9ess prop]ty  7a7 ,9 g5]al ,a   
eligible taxpay] may elect to treat !   
co/ ( any qualifi$ gigabit opportunity  
zone bus9ess prop]ty 7z def9$ 9 section 
#adjj,z-#b7 z an exp5se :i* is n        
*>geable to capital acc\nt4 ,any co/ s  
treat$ %all be all[$ z a d$uction = !   
taxable ye> 9 :i* ! qualifi$ gigabit    
opportunity zone bus9ess prop]ty is     
plac$ 9 s]vice4  7b7 ,eligible taxpay]  

,= purposes ( ?is section1 ! t]m        
eligible taxpay] has ! same mean+ giv5  
to su* t]m "u section #adjj,z-#b7;c74   
7c7 ,exception = c]ta9 prop]ty ,=       
purposes ( ?is section1 ! t]m qualifi$  
gigabit opportunity zone bus9ess prop]ty
 %all n include any prop]ty to :i*      
section #afh7;g7 applies4  7d7 ,election
 ,an election "u ?is section %all be    
made "u rules simil> to ! rules (       
section #agi7;c74  7e7 ,coord9ation )   
section #agi ,= purposes ( section #agi1
 qualifi$ gigabit opportunity zone      
bus9ess prop]ty %all n be treat$ z      
section #agi prop]ty4  7f7 ,application 
( o!r rules ,rules simil> to ! rules (  
p>agraphs 7#c71 7#d71 7#e71 7#g71 7#i71 
& 7#aj7 ( section #agi7;d7 %all apply = 
purposes ( ?is section4  7g7 ,taxpay]   
report+ ,?is section %all n apply )     
respect to any taxpay] = any taxable ye>
 unless su* taxpay] provides ! ,secret>y
 ) su* in=mation z ! ,secret>y may      
require to all[ ! ,secret>y to evaluate 
! effectiv5ess ( ! program e/abli%$ "u  

?is "p4  4  7#b7 ,basis adju/m5ts       
,section #ajaf7;a7 ( su* ,code is am5d$ 
by /rik+ & at ! end ( p>agraph 7#cf71 by
 /rik+ ! p]iod at ! end ( p>agraph 7#cg7
 & ins]t+ 1 &1 & by ins]t+ aft] p>agraph
 7#cg7 ! foll[+3  7#ch7 to ! ext5t      
provid$ 9 section #adjj,z-#b7;b74  4    
7#c7 ,cl]ical am5dm5t ,! table (        
sub*apt]s = *apt] #a ( su* ,code is     
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sub*apt] ,z4 ,gigabit           
opportunity zones  4  7#d7 ,effective   
date ,! am5dm5ts made by ?is subsection 
%all take effect on ! date ( ! enactm5t 
( ?is ,act4  #c4 ,private activity bonds
 = qualifi$ broadb& projects  7a7 ,9    
g5]al ,section #adb7;a7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
or at ! end ( p>agraph 7#ad71 by /rik+ !
 p]iod at ! end ( p>agraph 7#ae7 &      
ins]t+ 1 or1 & by add+ at ! end ! foll[+
 new p>agraph3  7#af7 qualifi$ broadb&  
projects4  4  7b7 ,qualifi$ broadb&     
projects ,section #adb ( su* ,code is   
am5d$ by add+ at ! end ! foll[+ new     

subsection3  7n7 ,qualifi$ broadb&      
project  7#a7 ,9 g5]al ,= purposes (    
subsection 7a77#af71 ! t]m qualifi$     
broadb& project means any project :i*-- 
7,a7 is locat$ 9 a jurisdiction t has   
be5 c]tifi$ by ,secret>y1 9 consultation
 ) ! ,national ,telecommunications &    
,in=mation ,adm9i/ration1 z hav+ adopt$ 
! ,uni=m ,model ,broadb& ,deploym5t ,act
 prescrib$ by ! ,f$]al ,communications  
,commission pursuant to section #d ( !  
,gigabit ,opportunity ,act1 &  7,b7     
results 9 gigabit capable ,int]net      
access to resid5tial or comm]cial       
locations-- 7i7 :]e a broadb& s]vice    
provid] previ\sly did n provide s]vice1 
or  7ii7 :i* d n h broadb& s]vice :i*   
meets ! m9imum spe$ requirem5ts requir$ 
= univ]sal s]vice support "u ,phase ,,ii
 ( ! ,connect ,am]ica ,fund ( ! ,f$]al  
,communications ,commission1 z set =? "u
 subp>t ,d ( "p #ed ( title #dg1 ,code (
 ,f$]al ,regulations4  4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to bonds issu$ aft] ! date ( 

! enactm5t ( ?is ,act4  #d4 ,uni=m      
,model ,broadb& ,act  7a7 ,9 g5]al ,n   
lat] ?an #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,f$]al ,communications   
,commission %all publi% a ,uni=m ,model 
,broadb& ,deploym5t ,act conta9+ laws = 
! ,/ate regulation ( ! deploym5t (      
broadb& s]vices4  7b7 ,no inf]5ce relat+
 to data collection ,no?+ 9 ?is ,act or 
! am5dm5ts made by ?is ,act %all be     
con/ru$ to provide additional au?ority =
 ! collection ( data to ! ,f$]al        
,communications ,commission or !        
,national ,telecommunications &         
,in=mation ,adm9i/ration4