Bill > HR889

This bill, the Broadband Grant Tax Treatment Act, aims to exclude certain broadband grants from an individual's gross income for federal tax purposes. The key provisions of the bill include: 1. Excluding from gross income any "qualified broadband grant" made for the purpose of broadband deployment, such as grants received under the Broadband Equity, Access, and Deployment Program, the State Digital Equity Capacity Grant Program, the Digital Equity Competitive Grant Program, the middle mile grant program, and certain broadband grants from state, local, or tribal governments. 2. Denying any double benefit by disallowing deductions or credits for expenditures covered by the excluded grants, and reducing the adjusted basis of any property purchased with the excluded grant funds. 3. Authorizing the Secretary of the Treasury to issue regulations or guidance necessary to carry out the purposes of this tax exclusion. The amendments made by this bill are effective for amounts received in taxable years ending after March 11, 2021.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/889/all-info