1. Short title This Act may be cited as the Gigabit Opportunity Act . 2. Gigabit Opportunity Zones (a) Establishment of zones and benefits (1) In general Chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following: Z Gigabit Opportunity Zones Sec. 1400Z–1. Designation. Sec. 1400Z–2. Deferral for eligible taxpayer of capital gains invested in gigabit opportunity zones. Sec. 1400Z–3. Immediate expensing of qualified gigabit opportunity zone business property. 1400Z–1. Designation (a) Qualified gigabit opportunity zone defined For the purposes of this subchapter, the term qualified gigabit opportunity zone means a population census tract that is a low-income community— (1) which is located in a jurisdiction— (A) that has been certified by Secretary, in consultation with the National Telecommunications and Information Administration, as having adopted the Uniform Model Broadband Deployment Act prescribed by the Federal Communications Commission pursuant to section 4 of the Gigabit Opportunity Act , or (B) which has been determined by the Secretary, in consultation with the National Telecommunications and Information Administration, to have adopted laws which are comparable to such Model Broadband Development Act, and (2) which is designated as a qualified gigabit opportunity zone. Paragraph (1)(B) shall not apply with respect to any jurisdiction for which a determination has been made after the date which is 3 years after the date of the enactment of this section. (b) Designation (1) In general For purposes of subsection (a)(3), a population census tract that is a low-income community and which meets the requirements of paragraph (1) of subsection (a) is designated as a qualified gigabit opportunity zone if— (A) not later than the end of the determination period, the governor of the State in which the tract is located— (i) nominates the tract for designation as a qualified gigabit opportunity zone, and (ii) notifies the Secretary in writing of such nomination, and (B) the Secretary