The House-Senate compromise bill aimed at stimulating the rapidly sagging economy passed the House this afternoon and is expected to pass the Senate tonight, without a lucrative tax break that would have benefited major telecommunications companies. (For our initial coverage of that, click here.)
"Lawmakers negotiating the final economic stimulus package dropped broadband tax credits intended to spur companies such as AT&T Inc. to expand in rural areas, while keeping grants that may help smaller carriers," reports Molly Peterson of Bloomberg News. "Midsize local-phone companies such as Monroe, La.-based CenturyTel Inc. and Windstream Corp., based in Little Rock ... are more likely to apply for the broadband grants than are large carriers such as Verizon Communications Inc. and AT&T said Jessica Zufolo, an analyst with Medley Global Advisors. ... The Joint Committee on Taxation had estimated that the broadband tax credits would cost $128 billion over three years." (Read more)
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