H.R. 3003 · 110th 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 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
RangelSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Jul 11, 2007
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.
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 (Jul 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.
Policy area: Science, Technology, Communications · Origin: House · Introduced: Jul 11, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.