S. 3446 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain…
Full title
A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media 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
MenendezSponsor6 cosponsors · 4 D, 2 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to allow the owner of a telecommunications business to defer for three years the tax on the gain, up to $350 million, from a sale of such business to a business owned by a member or members of a socially or economically disadvantaged group (e.g., Black Americans, Hispanic Americans, Native Americans, or Asian Pacific…
What it does: CRS summary · Introduced in Senate · Aug 1, 2008
Amends the Internal Revenue Code to allow the owner of a telecommunications business to defer for three years the tax on the gain, up to $350 million, from a sale of such business to a business owned by a member or members of a socially or economically disadvantaged group (e.g., Black Americans, Hispanic Americans, Native Americans, or Asian Pacific Americans) or to reduce the basis of property held by such seller by the amount of gain realized from a sale. Defines "telecommunications business" as any business providing communication services by wire, cable, radio, satellite, or other technology if governed by the Communications Act of 1934 or the Telecommunications Act of 1996.
Authorizes the Administrator of the Small Business Administration (SBA) to guarantee loans for the purchase of a telecommunications business under this Act.
Directs the Comptroller General to audit the administration of the tax deferral provisions of this Act, to report on such audit every five years, and to include in such report an assessment of the small business loan guarantee program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media businesses, and for other purposes.
Latest action (Aug 1, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Aug 1, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.