To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes.
About This Bill
Introduced
Latest Action · June 26, 2003
Sponsor introductory remarks on measure. (CR E1357)
Amends the Internal Revenue Code to treat as an involuntary conversion, and to not recognize gain of up to $75 million, qualified communications sales. Limits such sales to, among other limitations, businesses owning a qualified interest in 20 or fewer broadcast stations and with specified asset limitations.
Authorizes Small Business Administration loan guarantees for such sales.
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