US SB674

Excludes qualified broadband grants from federal gross income taxation, allowing recipients to receive full grant amounts without federal income tax liability

Covers grants from seven major federal broadband programs including the Broadband Equity, Access, and Deployment (BEAD) Program, State Digital Equity Capacity Grants, and middle mile grants under the Infrastructure Investment and Jobs Act

Includes broadband infrastructure grants funded through State and Local Fiscal Recovery Funds (sections 602, 603, 604 of the Social Security Act) and the Consolidated Appropriations Act, 2021

Prevents "double benefit" by disallowing deductions or credits for expenditures funded by excluded grants and reducing property basis by the excluded amount

Applies retroactively to amounts received in taxable years ending after March 11, 2021