‘‘(1) IN GENERAL.—For purposes of this sec-
tion and except as otherwise provided in this section, 
rules similar to the rules applicable to deferred like 
kind exchanges under section 1031 shall apply ex-
cept that reinvestment in qualified gigabit oppor-
tunity zone property need not require an inter-
mediary party. 
‘‘(2) RELATED PERSONS.—For purposes of this 
subsection, persons are related to each other if such 
persons are described in section 267(b) or 707(b)(1), 
determined by substituting ‘20 percent’ for ‘50 per-
cent’ each place it occurs in such sections. 
‘‘(3) DECEDENTS.—In the case of a decedent, 
amounts recognized under this section shall, if not 
properly includible in the gross income of the dece-
dent, be includible in gross income as provided by 
section 691. 
‘‘(4) REGULATIONS.—The Secretary shall pre-
scribe such regulations as may be necessary or ap-
propriate to carry out the purposes of this section, 
including— 
‘‘(A) rules providing for proportionate in-
clusion in income and increases in basis for 
purposes of subsections (a) and (b) in cases in 
which a sale or exchange of any qualified gig-
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abit opportunity zone property with respect to 
which gain is deferred under subsection 
(a)(1)(A) is less than all of such property, 
‘‘(B) rules requiring taxpayers to provide 
such information as the Secretary determines to 
be necessary or appropriate for the identifica-
tion of both the assets sold (including basis and 
sale price) and the assets acquired and invest-
ments made, and 
‘‘(C) rules to prevent abuse. 
‘‘SEC. 1400W–3. IMMEDIATE EXPENSING OF QUALIFIED GIG-
ABIT OPPORTUNITY ZONE BUSINESS PROP-
ERTY. 
‘‘(a) IN GENERAL.—An eligible taxpayer may elect 
to treat the cost of any qualified gigabit opportunity zone 
business property (as defined in section 1400W–2) as an 
expense which is not chargeable to capital account. Any 
cost so treated shall be allowed as a deduction for the tax-
able year in which the qualified gigabit opportunity zone 
business property is placed in service. 
‘‘(b) ELIGIBLE TAXPAYER.—For purposes of this 
section, the term ‘eligible taxpayer’ has the same meaning 
given to such term under section 1400W–2(c). 
‘‘(c) EXCEPTION
FOR CERTAIN PROPERTY.—For 
purposes of this section, the term ‘qualified gigabit oppor-
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tunity zone business property’ shall not include any prop-
erty to which section 168(g) applies. 
‘‘(d) ELECTION.—An election under this section shall 
be made under rules similar to the rules of section 179(c). 
‘‘(e) COORDINATION WITH SECTION 179.—For pur-
poses of section 179, qualified gigabit opportunity zone 
business property shall not be treated as section 179 prop-
erty. 
‘‘(f) APPLICATION OF OTHER RULES.—Rules similar 
to the rules of paragraphs (3), (4), (5), (7), (9), and (10) 
of section 179(d) shall apply for purposes of this section. 
‘‘(g) TAXPAYER REPORTING.—This section shall not 
apply with respect to any taxpayer for any taxable year 
unless such taxpayer provides the Secretary with such in-
formation as the Secretary may require to allow the Sec-
retary to evaluate the effectiveness of the program estab-
lished under this part.’’. 
(b) BASIS ADJUSTMENTS.—Section 1016(a) of such 
Code is amended by striking ‘‘and’’ at the end of para-
graph (37), by striking the period at the end of paragraph 
(38) and inserting ‘‘, and’’, and by inserting after para-
graph (38) the following new paragraph: 
‘‘(39) to the extent provided in section 1400W– 
2(b).’’. 
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(c) CLERICAL AMENDMENT.—The table of sub-
chapters for chapter 1 of such Code is amended by insert-
ing after the item relating to subchapter V the following 
new item: 
‘‘SUBCHAPTER W. GIGABIT OPPORTUNITY ZONES’’. 
SEC. 
3. 
PRIVATE 
ACTIVITY 
BONDS 
FOR 
QUALIFIED 
BROADBAND PROJECTS. 
(a) IN GENERAL.—Section 142(a) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘or’’ at the 
end of paragraph (14), by striking the period at the end 
of paragraph (15) and inserting ‘‘, or’’, and by adding at 
the end the following new paragraph: 
‘‘(16) qualified broadband projects.’’. 
(b) QUALIFIED
BROADBAND
PROJECTS.—Section 
142 of such Code is amended by adding at the end the 
following new subsection: 
‘‘(n) QUALIFIED BROADBAND PROJECT.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a)(16), the term ‘qualified broadband project’ 
means any project which— 
‘‘(A) is located in a jurisdiction that has 
been certified by the Secretary, in consultation 
with the National Telecommunications and In-
formation Administration, as having adopted 
the Uniform Model Broadband Deployment Act 
prescribed by the Federal Communications 
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Commission pursuant to section 4 of the Gig-
abit Opportunity Act, and 
‘‘(B) results in gigabit capable internet ac-
cess to residential or commercial locations— 
‘‘(i) where a broadband service pro-
vider previously did not provide service, or 
‘‘(ii) which do not have fixed terres-
trial broadband service that meets the cur-
rent speed benchmark for fixed services (as 
determined by the Federal Communica-
tions Commission in its most recent report 
issued pursuant to section 706 of the Tele-
communications Act of 1996 (47 U.S.C. 
1302)).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued after the date of 
the enactment of this Act. 
SEC. 4. UNIFORM MODEL BROADBAND DEPLOYMENT ACT. 
(a) IN GENERAL.—Not later than 1 year after the 
date of the enactment of this Act, the Federal Commu-
nications Commission shall publish a Uniform Model 
Broadband Deployment Act containing laws for the State 
regulation of the deployment of broadband services. 
(b) NO INFERENCE RELATING TO DATA COLLEC-
TION.—Nothing in this Act or the amendments made by 
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this Act shall be construed to provide additional authority 
for the collection of data to the Federal Communications 
Commission or the National Telecommunications and In-
formation Administration. 
Æ 
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