Washington, D.C. (WOAY) – U.S. Senator Shelley Moore Capito (R-WV) joined fellow senators to introduce the Broadband Grant Tax Treatment Act (BGTTA). The resolution would allow industries to receive the entirety of its funding.
The legislation would amend the Internal Revenue Code, ensuring grant funds for implementing broadband from the Infrastructure Investment and Jobs Act (IIJA) and American Rescue Plan (ARP) will not be taxable income.
Current broadband grants are factored into a company’s income and subjected to additional taxes. The taxes are due to scheduled corporate tax code changes that will begin next year without Congress’ intervention.