Bill > S341

This bill aims to amend the Internal Revenue Code of 1986 to exclude certain broadband grants from an individual's or organization's gross income. The key provisions of the bill are: 1. It establishes a new section (139J) in the tax code that excludes from gross income any "qualified broadband grant" made for the purpose of broadband deployment. This includes grants or subgrants received under various broadband-related programs created by the Infrastructure Investment and Jobs Act, as well as certain other broadband grants from state, local, or tribal governments. 2. It denies any deduction or credit for expenditures to the extent they were covered by an excluded qualified broadband grant, and requires the adjusted basis of any property acquired with such a grant to be reduced by the excluded amount. 3. The bill directs the Secretary of the Treasury to issue regulations or guidance to carry out the purposes of this new tax provision. 4. The amendments made by the bill apply to amounts received in taxable years ending after March 11, 2021. The overall goal of the Broadband Grant Tax Treatment Act is to incentivize and facilitate the expansion of broadband infrastructure by ensuring that grant funding received for this purpose is not taxed as ordinary income.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/341/all-info