,,ii #aaf? ,,congress #a/ ,session ,s4 #bhfg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #ad1 #bjai,ms4 ,hassan 7= h]self & ,mrs4 ,capito7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide an inve/m5t cr$it = qualifi$ broadb& projects4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,rural ,broadb& ,inve/m5t ,tax ,cr$it ,act4 #b4 ,inve/m5t cr$it = qualify+ broadb& projects 7a7 ,9 g5]al ,subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #dh;,c ! foll[+ new section3 #dh;,d4 ,qualify+ broadb& project cr$it 7a7 ,9 g5]al ,= purposes ( section #df1 ! qualify+ broadb& project cr$it = any taxable ye> is an am\nt equal to #aj p]c5t ( ! qualifi$ inve/m5t = su* taxable ye> ) respect to any qualify+ broadb& project4 7b7 ,qualifi$ inve/m5t 7#a7 ,9 g5]al ,= purposes ( subsection 7a71 ! qualifi$ inve/m5t = any taxable ye> is ! basis ( eligible prop]ty plac$ 9 s]vice by ! taxpay] dur+ su* taxable ye> :i* is "p ( a qualify+ broadb& project-- 7,a7 7i7 ! con/ruction1 recon/ruction1 or erection ( :i* is complet$ by ! taxpay]1 or 7ii7 :i* is acquir$ by ! taxpay] if ! orig9al use ( su* prop]ty comm5ces ) ! taxpay]1 & 7,b7 ) respect to :i* depreciation 7or amortization 9 lieu ( depreciation7 is all[able4 7#b7 ,special rule = c]ta9 subsidiz$ prop]ty ,rules simil> to section #dh7;a77#d7 7)\t reg>d to subp>agraph 7,d7 !re(7 %all apply = purposes ( ?is section4 7#c7 ,c]ta9 qualifi$ progress exp5ditures rules made applicable ,rules simil> to ! rules ( subsections 7c77#d7 & 7d7 ( section #df 7z 9 effect on ! day be=e ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij7 %all apply = purposes ( ?is section4 7c7 ,limitation 7#a7 ,9 g5]al ,! am\nt ( ! cr$it all[$ "u subsection 7a7 = any taxable ye> ) respect to any qualify+ broadb& project %all n exce$ ! broadb& cr$it doll> am\nt allocat$ to su* project by a ,/ate "u ?is section4 7#b7 ,broadb& cr$it doll> am\nt 7,a7 ,9 g5]al ,! aggregate broadb& cr$it doll> am\nt :i* may be allocat$ = any cal5d> ye> by any ,/ate %all n exce$ ! sum (-- 7i7 #e1jjj1jjj1 plus 7ii7 ! am\nt t be>s ! same ratio to #b1ejj1jjj z ! population ( individuals 9 ! /ate resid+ 9 rural areas be>s ! population ( individuals resid+ 9 rural areas 9 all ,/ates4 7,b7 ,broadb& cr$it doll> am\nt c>ry=w>d 7i7 ,9 g5]al ,if ! limitation "u subp>agraph 7,a7 7det]m9$ )\t reg>d to ?is subp>agraph7 exce$s ! aggregate am\nt ( broadb& cr$it doll> am\nts allocat$ = any cal5d> ye>1 su* excess %all be treat$ z a broadb& cr$it doll> am\nt c>ry=w>d & add$ to ! limitation "u su* subp>agraph = ! #b succe$+ cal5d> ye>s4 7ii7 ,ord]+ rules ,broadb& cr$it doll> am\nt c>ry=w>ds %all be treat$ z us$ 9 ! ord] 9 :i* !y arose4 7d7 ,qualify+ broadb& project ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualify+ broadb& project means any project :i*-- 7,a7 is design$ solely to provide broadb& s]vice to #a or m areas-- 7i7 :i* are rural areas1 & 7ii7 9 :i* m ?an #ej p]c5t ( resid5tial h\seholds d n h access to fix$1 t]re/rial broadb& s]vice :i* deliv]s at lea/ #aj megabits p] second d[n/ream & at lea/ #a megabit s]vice up/ream1 7,b7 results 9 gigabit capable ,int]net access to resid5tial or comm]cial locations b only if at lea/ #ij p]c5t ( ! resid5tial or comm]cial locations provid$ su* access "u ! project are locations :]e1 be=e ! project1 a broadb& s]vice provid]-- 7i7 did n provide s]vice1 or 7ii7 did n provide s]vice :i* meets ! m9imum spe$ requirem5ts describ$ 9 subp>agraph 7,a77ii71 & 7,c7 is c]tifi$ by ! ,secret>y pursuant to p>agraph 7#b74 7#b7 ,qualify+ broadb& project c]tification program 7,a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is section1 ! ,secret>y1 9 consultation ) ! ,*airman ( ! ,f$]al ,communications ,commission & ! ,secret>y ( ,agriculture1 %all e/abli% a qualify+ broadb& project c]tification program to consid] & aw>d c]tifications = qualifi$ inve/m5ts eligible = cr$its "u ?is section4 7,b7 ,application p]iod 7i7 ,9 g5]al ,ea* applicant = c]tification "u ?is p>agraph %all submit an application conta9+ su* in=mation z ! ,secret>y may require dur+ ea* annual application p]iod4 7ii7 ,annual application p]iod ,= purposes ( ?is p>agraph1 ! t]m annual application p]iod means a #fj-;day p]iod beg9n+ ea* cal5d> ye> on ! date det]m9$ by ! ,secret>y4 7,c7 ,nom9ation ,a project may n be c]tifi$ "u ?is p>agraph unless-- 7i7 ! project is nom9at$ by a ,/ate or local gov]nm5t 9 a s+le1 uni=m application t is submitt$ to ! ,secret>y by ea* ,/ate on behalf ( projects nom9at$ by ! ,/ate & by its localities1 & 7ii7 su* ,/ate or local gov]nm5t provides writt5 assurances )9 ! application "u clause 7i7 t ! project satisfies ! requirem5ts ( subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#a74 7,d7 ,c]tification ,n lat] ?an #fj days aft] ! end ( ! annual application p]iod1 ! ,secret>y1 9 consultation ) ! ,*airman ( ! ,f$]al ,communications ,commission & ! ,secret>y ( ,agriculture1 %all aw>d c]tifications "u ?is section4 7e7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,eligible prop]ty ,! t]m eligible prop]ty means any prop]ty :i* is a "p ( a qualify+ broadb& project4 7#b7 ,rural area ,! t]m rural area has ! mean+ giv5 su* t]m "u section #cdc7;a77#ac7 ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aiia7;a77#ac771 det]m9$ )\t reg>d to subp>agraph 7,b7 or 7,c7 !re(4 7#c7 ,/ate ,! t]m ,/ate means ! #ej ,/ates4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #df ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( p>agraph 7#e71 by /rik+ ! p]iod at ! end ( p>agraph 7#f7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new p>agraph3 7#g7 ! qualify+ broadb& project cr$it4 4 7#b7 ,section #di7;a77#a77;,c7 ( su* ,code is am5d$ by /rik+ & at ! end ( clause 7iv71 by /rik+ ! p]iod at ! end ( clause 7v7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7vi7 ! basis ( any prop]ty :i* is "p ( a qualify+ broadb& project "u section #dh;,d4 4 7#c7 ,section #ej7;a77#b77;,e7 ( su* ,code is am5d$ by /rik+ or #dh;,c7b77#b7 & ins]t+ #dh;,c7b77#b71 or #dh;,d7b77#c74 7#d7 ,! table ( sections = subp>t ,e ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #dh;,c ! foll[+ new item3 ,sec4 #dh;,d4 ,qualify+ broadb& project cr$it4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to p]iods aft] ,decemb] #ca1 #bjai1 9 taxable ye>s end+ aft] su* date1 "u rules simil> to ! rules ( section #dh7m7 ( su* ,code 7z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij74