AN ACT TO INCREASE THE UTILIZATION OF DARK FIBER FOR INCREASED BROADBAND DEPLOYMENT.
Enacts new GS 105-153.11 establishing an individual income tax credit of $1,000 per unserved household for a taxpayer who makes a qualifying utilization increase of dark fiber (a portion of a taxpayer's broadband fiber network that is not used). Defines a qualifying utilization increase as a decrease of the amount of a taxpayer's dark fiber as a result of providing broadband service to an unserved household (one that does not have access to broadband access before a qualifying utilization increase by a taxpayer). Specifies that the credit must not exceed the amount of tax imposed by this Part for the taxable year reduced by the sum of all allowable credits, except tax payments made by or on behalf of the taxpayer. Specifies required documentation for the credit. Limits the eligible area to a rural census tract located in a development tier one or tier two area. Sunsets the credit on January 1, 2025.
Enacts new GS 105-130.49 to enact the same credit for corporate income taxes.
Effective for taxable years beginning on or after January 1, 2021.