Congress 108 - HR 2604 - To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes.

Sponsor

Cosponsors

Topics

Capital gains tax Commerce Corporate divestiture Economics and Public Finance Federally-guaranteed loans Fees Finance and Financial Sector Forfeiture Income tax Law Licenses Liens Loan defaults Mortgages Radio stations Science, Technology, Communications Small business Tax deferral Tax exclusion Taxation Telecommunication industry Television stations

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Summary

Amends the Internal Revenue Code to treat as an involuntary conversion, and to not recognize gain of up to $75 million, qualified communications sales. Limits such sales to, among other limitations, businesses owning a qualified interest in 20 or fewer broadcast stations and with specified asset limitations.

Authorizes Small Business Administration loan guarantees for such sales.

Actions

Jun 26, 2003

Sponsor introductory remarks on measure. (CR E1357)
Jun 25, 2003

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.
Jun 25, 2003

Introduced in House

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