Congress 108 - HR 2044 - Telecommunications Ownership Diversification Act of 2003

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Topics

Administrative procedure Auditing Broadband Cable television Capital gains tax Commerce Congress Congressional investigations Congressional reporting requirements Corporation taxes Department of the Treasury Direct broadcast satellites Enterprise zones Finance and Financial Sector Government Operations and Politics Income tax Investment tax credit Law Minorities Minority business enterprises Partnerships Radio stations Science, Technology, Communications Small business Stocks Tax deferral Tax exclusion Taxation Telecommunication industry Telephone Television stations Urban affairs Wireless communication

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Summary

Telecommunications Ownership Diversification Act of 2003 - Amends the Internal Revenue Code to allow an electing taxpayer to treat a qualified telecommunications business sale to an eligible purchaser as an involuntary conversion. Places limits on the ensuing tax benefit. Defines an eligible purchaser as: (1) an economically and socially disadvantaged business; or (2) a corporation or partnership which, following the purchase, has substantially all of its assets in the telecommunications business and is at least five percent owned by the Telecommunications Development Fund.

Provides a limited tax credit to a local exchange carrier that is not a Bell operating company and is headquartered in an empowerment zone.

Provides for the exclusion from income of 50 percent of the gain on any sale or exchange of stock in an eligible purchaser engaged in a telecommunications business held for more than five years.

Directs the Comptroller General to biennially audit the administration of the provisions of this Act and issue a report.

Actions

May 9, 2003

Referred to the House Committee on Ways and Means.
May 9, 2003

Sponsor introductory remarks on measure. (CR E917)
May 9, 2003

Introduced in House

Amendments

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