may elect to treat the cost of any qualified gigabit opportunity zone business property (as defined in section 1400Z–2) as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the qualified gigabit opportunity zone business property is placed in service. (b) Eligible taxpayer For purposes of this section, the term eligible taxpayer has the same meaning given to such term under section 1400Z–2(c). (c) Exception for certain property For purposes of this section, the term qualified gigabit opportunity zone business property shall not include any property to which section 168(g) applies. (d) Election An election under this section shall be made under rules similar to the rules of section 179(c). (e) Coordination with section 179 For purposes of section 179, qualified gigabit opportunity zone business property shall not be treated as section 179 property. (f) Application of other rules Rules similar to the rules of paragraphs (3), (4), (5), (7), (9), and (10) of section 179(d) shall apply for purposes of this section. (g) Taxpayer reporting This section shall not apply with respect to any taxpayer for any taxable year unless such taxpayer provides the Secretary with such information as the Secretary may require to allow the Secretary to evaluate the effectiveness of the program established under this part. . (2) Basis adjustments Section 1016(a) of such Code is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and , and by inserting after paragraph (37) the following: (38) to the extent provided in section 1400Z–2(b). . (3) Clerical amendment The table of subchapters for chapter 1 of such Code is amended by adding at the end the following new item: Subchapter Z. Gigabit opportunity zones . (4) Effective date The amendments made by this subsection shall take effect on the date of the enactment of this Act. 3. Private activity bonds for qualified broadband projects