Biden to Sign Inflation Reduction Act With Spectrum Tax Carve-out
President Joe Biden plans to sign the Inflation Reduction Act budget reconciliation package (HR-5376) Tuesday, the White House said Monday. The bill, which the House passed Friday 220-207, includes a carve-out in the 15% minimum corporate tax language that allows…
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companies to deduct from "taxable income” the value of spectrum licenses bought after Dec. 31, 2007, “and before the date” of the measure's enactment. The Senate passed it Aug. 7 (see 2208080062). The Wireless Infrastructure Association "applauds Congress for prioritizing America’s 5G leadership" via HR-5376 "by continuing tax policies that have stimulated billions of dollars of investment in America’s wireless networks," said President Patrick Halley. "Companies that acquire spectrum licenses do so at a high cost. By avoiding what would have amounted to a 15% tax on wireless broadband deployment, Congress is ensuring that more capital will remain available for investment in next generation wireless infrastructure.”