; and (3) in the case of the 3rd qualified 1-year period, that offers broadband internet access service described in section 292(b) to not less than 20 percent of locations in an area described in section 139J(c)(2). (c) Qualified 1-Year period For purposes of this section, the term qualified 1-year period means, with respect to a rural incumbent local exchange carrier with respect to a sale or exchange described in subsection 139J, the 1-year period starting on the date of such sale or exchange, and each of the 2 subsequent 1-year periods. (d) Definitions For purposes of this section, terms defined in the Communications Act of 1934 have the meaning given such terms in such Act. (e) Transfer of credit If, with respect to a credit under subsection (a) for any taxable year, the taxpayer elects the application of this paragraph for such taxable year with respect to all (or any portion specified in such election) of such credit, the person specified in such election, and not the taxpayer, shall be treated as the taxpayer for purposes of this title with respect to such credit (or such portion thereof). . (b) Conforming amendment Section 46 of such Code is amended by striking and at the end of paragraph (6), by striking the period at the end of paragraph (7) and inserting , and , and by adding at the end the following new paragraph: (8) the rural communications investment credit. . (c) Clerical amendment 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 48E the following new item: Sec. 48F. Rural communications investment credit. . (d) Effective date The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.