be treated as capital gain. (b) Rural incumbent local exchange carrier For purposes of this section, the term rural incumbent local exchange carrier means, with respect to a qualified 1-year period, a rural incumbent local exchange carrier (as defined in section 48F) that offers broadband internet access service at upload and download speeds of at least 1,000 megabits per second— (1) in the case of the 4th qualified 1-year period, to not less than 30 percent of locations in an area described in section 139J(c)(2), (2) in the case of the 5th qualified 1-year period, to not less than 40 percent of such locations, and (3) in the case of the 6th qualified 1-year period, to not less than 50 percent of such locations. (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 5 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. . (b) Clerical amendment The table of parts of subchapter B of chapter 1 of such Code is amended by adding at the end the following new item: Part XII—Recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock . (c) Effective date The amendments made by this section shall apply after the date of the enactment of this Act. 4. Rural communications investment tax credit (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 subsection 48E the following new section: 48F. Rural communications investment credit (a) In general (1) Credit amount For the purposes of section 46, in the case of a rural incumbent local exchange carrier, the rural communications investment credit for any taxable year is an amount equal to 30 percent of the amounts