Allows a limited credit for a taxpayer that at all times during that taxable year: (1) is a local exchange carrier; (2) is not a Bell operating company; and (3) is headquartered in an area designated as an empowerment zone.
Excludes from gross income 50 percent of any gain from the sale or exchange of stock in an eligible purchaser that is an economically and socially disadvantaged business.
Directs the Comptroller General to audit and report on the effect of the amendments of this Act.