,,ii #aafth ,,congress #ast ,session ,s4 #bhfg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #ad1 #bjai,ms4 ,hassan 7for herself and ,mrs4 ,capito7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide an investment credit for qualified broadband projects4 #a4 ,short title ,this ,act may be cited as the ,rural ,broadband ,investment ,tax ,credit ,act4 #b4 ,investment credit for qualifying broadband projects 7a7 ,in general ,subpart ,e of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #dh;,c the following new section3 #dh;,d4 ,qualifying broadband project credit 7a7 ,in general ,for purposes of section #df1 the qualifying broadband project credit for any taxable year is an amount equal to #aj percent of the qualified investment for such taxable year with respect to any qualifying broadband project4 7b7 ,qualified investment 7#a7 ,in general ,for purposes of subsection 7a71 the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying broadband project-- 7,a7 7i7 the construction1 reconstruction1 or erection of which is completed by the taxpayer1 or 7ii7 which is acquired by the taxpayer if the original use of such property commences with the taxpayer1 and 7,b7 with respect to which depreciation 7or amortization in lieu of depreciation7 is allowable4 7#b7 ,special rule for certain subsidized property ,rules similar to section #dh7;a77#d7 7without regard to subparagraph 7,d7 thereof7 shall apply for purposes of this section4 7#c7 ,certain qualified progress expenditures rules made applicable ,rules similar to the rules of subsections 7c77#d7 and 7d7 of section #df 7as in effect on the day before the enactment of the ,revenue ,reconciliation ,act of #aiij7 shall apply for purposes of this section4 7c7 ,limitation 7#a7 ,in general ,the amount of the credit allowed under subsection 7a7 for any taxable year with respect to any qualifying broadband project shall not exceed the broadband credit dollar amount allocated to such project by a ,state under this section4 7#b7 ,broadband credit dollar amount 7,a7 ,in general ,the aggregate broadband credit dollar amount which may be allocated for any calendar year by any ,state shall not exceed the sum of-- 7i7 #e1jjj1jjj1 plus 7ii7 the amount that bears the same ratio to #b1ejj1jjj as the population of individuals in the state residing in rural areas bears the population of individuals residing in rural areas in all ,states4 7,b7 ,broadband credit dollar amount carryforward 7i7 ,in general ,if the limitation under subparagraph 7,a7 7determined without regard to this subparagraph7 exceeds the aggregate amount of broadband credit dollar amounts allocated for any calendar year1 such excess shall be treated as a broadband credit dollar amount carryforward and added to the limitation under such subparagraph for the #b succeeding calendar years4 7ii7 ,ordering rules ,broadband credit dollar amount carryforwards shall be treated as used in the order in which they arose4 7d7 ,qualifying broadband project ,for purposes of this section-- 7#a7 ,in general ,the term qualifying broadband project means any project which-- 7,a7 is designed solely to provide broadband service to #a or more areas-- 7i7 which are rural areas1 and 7ii7 in which more than #ej percent of residential households do not have access to fixed1 terrestrial broadband service which delivers at least #aj megabits per second downstream and at least #a megabit service upstream1 7,b7 results in gigabit capable ,internet access to residential or commercial locations but only if at least #ij percent of the residential or commercial locations provided such access under the project are locations where1 before the project1 a broadband service provider-- 7i7 did not provide service1 or 7ii7 did not provide service which meets the minimum speed requirements described in subparagraph 7,a77ii71 and 7,c7 is certified by the ,secretary pursuant to paragraph 7#b74 7#b7 ,qualifying broadband project certification program 7,a7 ,in general ,not later than #ahj days after the date of enactment of this section1 the ,secretary1 in consultation with the ,chairman of the ,federal ,communications ,commission and the ,secretary of ,agriculture1 shall establish a qualifying broadband project certification program to consider and award certifications for qualified investments eligible for credits under this section4 7,b7 ,application period 7i7 ,in general ,each applicant for certification under this paragraph shall submit an application containing such information as the ,secretary may require during each annual application period4 7ii7 ,annual application period ,for purposes of this paragraph1 the term annual application period means a #fj-;day period beginning each calendar year on the date determined by the ,secretary4 7,c7 ,nomination ,a project may not be certified under this paragraph unless-- 7i7 the project is nominated by a ,state or local government in a single1 uniform application that is submitted to the ,secretary by each ,state on behalf of projects nominated by the ,state and by its localities1 and 7ii7 such ,state or local government provides written assurances within the application under clause 7i7 that the project satisfies the requirements of subparagraphs 7,a7 and 7,b7 of paragraph 7#a74 7,d7 ,certification ,not later than #fj days after the end of the annual application period1 the ,secretary1 in consultation with the ,chairman of the ,federal ,communications ,commission and the ,secretary of ,agriculture1 shall award certifications under this section4 7e7 ,definitions ,for purposes of this section-- 7#a7 ,eligible property ,the term eligible property means any property which is a part of a qualifying broadband project4 7#b7 ,rural area ,the term rural area has the meaning given such term under section #cdc7;a77#ac7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aiia7;a77#ac771 determined without regard to subparagraph 7,b7 or 7,c7 thereof4 7#c7 ,state ,the term ,state means the #ej ,states4 4 7b7 ,conforming amendments 7#a7 ,section #df of the ,internal ,revenue ,code of #aihf is amended by striking and at the end of paragraph 7#e71 by striking the period at the end of paragraph 7#f7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#g7 the qualifying broadband project credit4 4 7#b7 ,section #di7;a77#a77;,c7 of such ,code is amended by striking and at the end of clause 7iv71 by striking the period at the end of clause 7v7 and inserting 1 and1 and by adding at the end the following new clause3 7vi7 the basis of any property which is part of a qualifying broadband project under section #dh;,d4 4 7#c7 ,section #ej7;a77#b77;,e7 of such ,code is amended by striking or #dh;,c7b77#b7 and inserting #dh;,c7b77#b71 or #dh;,d7b77#c74 7#d7 ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by inserting after the item relating to section #dh;,c the following new item3 ,sec4 #dh;,d4 ,qualifying broadband project credit4 4 7c7 ,effective date ,the amendments made by this section shall apply to periods after ,december #ca1 #bjai1 in taxable years ending after such date1 under rules similar to the rules of section #dh7m7 of such ,code 7as in effect on the day before the date of the enactment of the ,revenue ,reconciliation ,act of #aiij74