property The term eligible property means any property which is a part of a qualifying broadband project. (2) Rural area The term rural area has the meaning given such term under section 343(a)(13) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1991(a)(13) ), determined without regard to subparagraph (B) or (C) thereof. (3) State The term State means the 50 States. . (b) Conforming amendments (1) Section 46 of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting , and , and by adding at the end the following new paragraph: (7) the qualifying broadband project credit. . (2) Section 49(a)(1)(C) of such Code is amended by striking and at the end of clause (iv), by striking the period at the end of clause (v) and inserting , and , and by adding at the end the following new clause: (vi) the basis of any property which is part of a qualifying broadband project under section 48D. . (3) Section 50(a)(2)(E) of such Code is amended by striking or 48C(b)(2) and inserting 48C(b)(2), or 48D(b)(3) . (4) The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48C the following new item: Sec. 48D. Qualifying broadband project credit. . (c) Effective date The amendments made by this section shall apply to periods after December 31, 2019, in taxable years ending after such date, under rules similar to the rules of section 48(m) of such Code (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).