1. Short title This Act may be cited as the Gigabit Opportunity Act . 2. Gigabit Opportunity Zones (a) In general Chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after subchapter V the following new subchapter: W Gigabit Opportunity Zones Sec. 1400W–1. Designation. Sec. 1400W–2. Deferral for eligible taxpayer of capital gains invested in gigabit opportunity zones. Sec. 1400W–3. Immediate expensing of qualified gigabit opportunity zone business property. 1400W–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 does not have fixed terrestrial broadband service that meets the current speed benchmark for fixed services (as determined by the Federal Communications Commission in its most recent report issued pursuant to section 706 of the Telecommunications Act of 1996 ( 47 U.S.C. 1302 )), (2) 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 Uniform Model Broadband Deployment Act, and (3) 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