Encouraging Private Investment for Better Broadband Act
Bill: H.R.8099 | Sponsor: Rep. Budd, Ted (R-NC)
Policy area: Taxation

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.

To amend the Internal Revenue Code of 1986 to modify the rules 
   applicable to using private activity bonds for broadband projects.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Encouraging Private Investment for 
Better Broadband Act''.

SEC. 2. MODIFICATION OF RULES FOR USING PRIVATE ACTIVITY BONDS FOR 
              BROADBAND PROJECTS.

    (a) In General.--Section 142(n)(1)(A) of the Internal Revenue Code 
of 1986 is amended--
            (1) by striking ``25 megabits'' and inserting ``100 
        megabits'', and
            (2) by striking ``3 megabits'' and inserting ``20 
        megabits''.
    (b) Exception From Volume Cap.--Section 146(g) of such Code is 
amended--
            (1) by striking ``or (15)'' in paragraph (3) and inserting 
        ``(15), or (16)'',
            (2) by adding ``and'' at the end of paragraph (4), 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.

SEC. 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.
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