H.R. 4707 · 108th Congress
To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of…
Full title
To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
RangelSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to allow the nonrecognition of up to $50 million of gain (for capital gains tax purposes) from the sale of a telecommunications business to a qualified business.
What it does: CRS summary · Introduced in House · Jun 24, 2004
Amends the Internal Revenue Code to allow the nonrecognition of up to $50 million of gain (for capital gains tax purposes) from the sale of a telecommunications business to a qualified business. Defines "qualified business" to mean: (1) for a telecommunications sale including any interest in a broadcast station, any person that owns, directly or indirectly, a 50 percent or greater interest in ten or fewer broadcast stations; and (2) for any other telecommunications sale, any individual, partnership, or corporation with net assets not exceeding $30 million and average after-tax income for the two preceding taxable years of not more than $10 million. Restricts to three the number of telecommunications sales a qualified business may complete without forfeiting tax deferral.
Requires the recapture of deferred gain if a qualified business resells a telecommunications business within five years, unless the resale is to another qualified business or the sales proceeds are reinvested in another telecommunications business within 60 days of the resale.
Authorizes the Small Business Administration to guarantee loans made to a qualified business for the purchase of a telecommunications business. Requires security for such loans, including forfeiture of any Federal Communications Commission license of a borrower who defaults on a loan.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes.
Latest action (Jun 24, 2004): 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.
Policy area: Taxation · Origin: House · Introduced: Jun 24, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.