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
Committee
Latest Action · July 11, 2007
Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Amends the Internal Revenue Code to allow a taxpayer election to defer from tax up to $50 million of the gain from the sale of the assets or stock of a telecommunications business to certain small businesses that own 10 or fewer broadcast stations. Limits to three the number of such purchases by any qualifying small business. Requires the recapture of such deferred gain for any telecommunications business resold within five years.
Authorizes the Administrator of the Small Business Administration to guarantee loans made to small businesses for the purchase of a telecommunications business.
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