1. Short title This Act may be cited as the Rural Broadband Investment Tax Credit Act . 2. Investment credit for qualifying broadband projects (a) In general Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48C the following new section: 48D. Qualifying broadband project credit (a) In general For purposes of section 46, the qualifying broadband project credit for any taxable year is an amount equal to 10 percent of the qualified investment for such taxable year with respect to any qualifying broadband project. (b) Qualified investment (1) In general For purposes of subsection (a), the qualified investment for any taxable year is the basis of eligible property placed in service by the taxpayer during such taxable year which is part of a qualifying broadband project— (A) (i) the construction, reconstruction, or erection of which is completed by the taxpayer, or (ii) which is acquired by the taxpayer if the original use of such property commences with the taxpayer, and (B) with respect to which depreciation (or amortization in lieu of depreciation) is allowable. (2) Special rule for certain subsidized property Rules similar to section 48(a)(4) (without regard to subparagraph (D) thereof) shall apply for purposes of this section. (3) Certain qualified progress expenditures rules made applicable Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section. (c) Limitation (1) In general The amount of the credit allowed under subsection (a) for any taxable year with respect to any qualifying broadband project shall not exceed the broadband credit dollar amount allocated to such project by a State under this section. (2) Broadband credit dollar amount (A) In general The aggregate broadband credit dollar amount which may be allocated for any calendar year by any State shall not exceed the sum of— (i)