Telecommunications Ownership Diversification Act of 2005
Latest action · Apr 5, 2005 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 5, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Telecommunications Ownership Diversification Act of 2005 - Amends the Internal Revenue Code to allow a taxpayer election to exclude from gross income a portion of the gain from the sale of the assets of a telecommunications business to an eligible purchaser. Defines "eligible purchaser" as: (1) any economically and socially disadvantaged business as designated by the Secretary of the Treasury using specified criteria; or (2) a corporation or partnership which, following the sale of a telecommunications business, owns substantially all of the assets of such business and is at least five percent owned by the Telecommunications Development Fund established under the Communications Act of 1934.
Allows an investment tax credit of ten percent of the taxable income of any local exchange carrier that is not a Bell operating company and is headquartered in an area designated as an empowerment zone by the Secretary of Housing and Urban Development.
Allows the exclusion from gross income of 50 percent of the gain from the sale or exchange of stock, held for more than five years, in an eligible purchaser engaged in a telecommunications business.
Directs the Comptroller General, not later than January 1, 2007, and two years thereafter, to audit and report on the administration of this Act.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Apr 5, 2005Introduced in House
- Apr 5, 2005Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- 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
Text 1
Each version as it was printed, newest first.
- Apr 5, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.