119th Congress Taxation
S. 674: Broadband Grant Tax Treatment Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill excludes from gross income (for federal tax purposes) certain grants received for broadband deployment.
As background, contributions of capital to a corporation generally are not taxable income. However, under an exception enacted in 2017 by the Tax Cuts and Jobs Act, grants from a government or civic organization are not contributions to capital and, thus, treated as taxable income. Prior to the Tax Cuts and Jobs Act, the Internal Revenue Service (IRS) considered certain grants from a government or civic organization contributions of capital and, thus, not taxable income.
The bill specifically excludes from gross income grants received for broadband deployment from the
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- National Telecommunications and Information Administration (NTIA) Broadband Equity, Access, and Deployment Program;
- NTIA State Digital Equity Capacity Grant Program;
- NTIA Digital Equity Competitive Grant Program;
- NTIA Enabling Middle Mile Broadband Infrastructure Program;
- Department of Agriculture ReConnect Program;
- Coronavirus State and Local Fiscal Recovery Funds and the Coronavirus Capital Projects Fund; and
- NTIA Tribal Broadband Connectivity Program and the Broadband Infrastructure Program.
The bill also requires the IRS to issue guidance on the exclusion from gross income of such grants.
The bill applies to funds received in tax years ending after March 11, 2021.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Shelley Capito R-WVOriginal
- Kevin Cramer R-NDOriginal
- Deb Fischer R-NEOriginal
- Mark Kelly D-AZOriginal
- Angus King I-MEOriginal
- Timothy Kaine D-VAOriginal
- Dan Sullivan R-AKOriginal
- Tommy Tuberville R-ALOriginal
- Roger Wicker R-MSOriginal
- Raphael Warnock D-GAOriginal
- Mark Warner D-VAOriginal
- Tammy Baldwin D-WI
- Lisa Murkowski R-AK
- James Risch R-ID
- Michael Bennet D-CO
Who scored on this bill
- 1Jerry Moran SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Jerry Moran.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.