Tax Exemption for Broadband Grants
New rules exempt income from grants received for broadband development from taxation. This means companies and organizations building internet infrastructure will not pay taxes on these funds, potentially accelerating access to high-speed internet in many areas. As a result, more people, especially in rural areas, may gain access to better connectivity.
Key points
Grants for broadband deployment will not be included in taxable income.
The change aims to encourage investment in internet infrastructure, potentially improving internet access for citizens.
The provisions apply to grants from various federal and state programs, including those from the Infrastructure Investment and Jobs Act.
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