Encouraging Private Investment for Better Broadband Act

To amend the Internal Revenue Code of 1986 to modify the rules applicable to using private activity bonds for broadband projects. 1. Short title This Act may be cited as the Encouraging Private Investment for Better Broadband Act 2. Modification of rules for using private activity bonds for broadband projects (a) In general Section 142(n)(1)(A) (1) by striking 25 megabits 100 megabits (2) by striking 3 megabits 20 megabits (b) Exception from volume cap Section 146(g) of such Code is amended— (1) by striking or (15) (15), or (16) (2) by adding and (3) by striking paragraph (5) and redesignating paragraph (6) as paragraph (5). (c) Effective date The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act. 3. Report to Congress and stakeholder input (a) Report to Congress Not later than 18 months after the date of the enactment of this Act, the Secretary of the Treasury and the Federal Communications Commission shall jointly submit to Congress a written report which includes— (1) the total number of private activity bonds for qualified broadband projects issued by States and their political subdivisions, (2) the number of such projects that have been completed, (3) the number of such projects that defaulted or were not completed, (4) the increase in the number of individuals with access to 100 megabits per second downstream and 20 megabits per second upstream after the date of the enactment of this Act, (5) the total dollar amount of private activity bonds for qualified broadband projects issued after the date of the enactment of this Act, and (6) a report regarding the identification of matters described in subsection (b). (b) Stakeholder input For purposes of preparing the report described in subsection (a), the Secretary of the Treasury and the Federal Communications Commission shall solicit input from appointed representatives of the Governor of each State as well as representatives of the three largest private internet service providers in each State measured by annual reported revenue, including input related to the identification of any provision of Federal law, or lack thereof, which limits the volume of investment in private activity bonds for qualified broadband projects, including census mapping, right-of-way and easement issues, competition with existing grant programs, or any other matter which limits such investment. If the representatives appointed by any Governor under the preceding sentence do not include at least one representative of an internet service provider that primarily services rural communities and at least one representative of an internet service provider organized as a cooperative, the Secretary of the Treasury and the Federal Communications Commission shall solicit input from one or more of such representatives without regard to whether they have been appointed by such Governor. The preceding sentence shall not apply to the extent that a State does not have at least one of the internet service providers described in such sentence.

Summary: Encouraging Private Investment for Better Broadband Act This bill increases the required megabit capacity of broadband projects for purposes of private activity bond financing. It also requires the Department of the Treasury and the Federal Communications Commission to jointly report to Congress on private activity bond financing of broadband projects, taking into consideration certain input provided by appointed stakeholders and representatives of internet service providers.