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Verizon Could Get $1.6 Billion in Senate Stimulus Plan [View All]

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FreeStateDemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-30-09 01:08 PM
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Verizon Could Get $1.6 Billion in Senate Stimulus Plan
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Source: NY Times

By Saul Hansell
Four words buried in a provision to help subsidize high-speed Internet service contained the latest Senates version of the economic stimulus legislation could mean hundreds of millions of dollars a year in tax credits for Verizon Communications, according to telecommunications analysts.

Indeed, John Hodulik, an analyst with UBS Securities, said the provision might give Verizon $1.6 billion in credits in the next two years, even if it does not hire one more person than it currently plans to do.

At issue is the part of the stimulus package meant to bring fast Internet connections to rural and low-income areas. The House bill that passed Wednesday provided $6 billion in grants to broadband projects. The latest Senate bill increases those grants to $9 billion.

Most significantly, the bill before the Senate also includes tax credits for investment in broadband services to low-income neighborhoods, rural areas and places that dont have any providers of high-speed internet service.

Companies would get a 20 percent tax credit on investments made on current-generation broadband speeds of at least 5 megabits per second in unserved areas and 10 percent for investment in low-income and rural areas.


Read more: http://bits.blogs.nytimes.com/2009/01/30/senate-looks-t... /



Corporate America rapes the taxpayer with our party being the enabler.
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