USTelecom CEO Backs House Tax Package's Asset Deductibility Extension
USTelecom CEO Jonathan Spalter urged the Senate Wednesday to pass the House-approved Tax Relief for American Families and Workers Act (HR-7024). The act includes language that extends a tax statute allowing businesses to fully deduct the purchase price of eligible…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
assets. Some other communications industry groups are urging Senate leaders to attach language from the Broadband Grant Tax Treatment Act (HR-889/S-341) to HR-7024 (see 2401260073). First filed in 2022 (see 2209290067), HR-889/S-341 would amend the Internal Revenue Code, allowing broadband grants enacted via either statute not to be counted as gross income. “This is a crucial time for the broadband sector as we work alongside NTIA and state broadband offices as they allocate $42 billion in [broadband equity, access and deployment] funding toward projects aimed at ensuring every American has access to modern broadband service,” Spalter said in a letter to Senate Majority Leader Chuck Schumer, D-N.Y.; Minority Leader Mitch McConnell, R-Ky.; Finance Committee Chairman Ron Wyden, D-Ore.; and ranking member Mike Crapo, R-Idaho. “While BEAD funding will help offset the high cost of many broadband projects that could not otherwise be built, providers will be required to invest substantial private capital to see these projects completed. Fully expensing capital equipment in the year it is purchased will free-up the essential additional resources needed to deploy fiber in rural and hard to reach areas.”