3.0.0 4707 2023-01-15T04:49:16Z 2023-01-15T04:49:16Z House H HR 2004-06-24 108 hssm00 Small Business Committee House Standing Referred to 2004-06-24T14:01:50Z hswm00 Ways and Means Committee House Standing Referred to 2004-06-24T14:01:45Z 2004-06-24 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. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2004-06-24 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. IntroReferral H11100-A 9 Library of Congress 2004-06-24 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2004-06-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2004-06-24 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N H000814 Rep. Houghton, Amo [R-NY-29] AMO HOUGHTON R NY 29 2004-06-24 True Taxation 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 Telecommunication industry Television stations Taxation 00 2004-06-24 Introduced in House 2004-09-13T17:49:31Z Amends the Internal Revenue Code to allow the nonrecognition of up to $50 million of gain (for capital gains tax purposes) from the sale of a telecommunications business to a qualified business. Defines "qualified business" to mean: (1) for a telecommunications sale including any interest in a broadcast station, any person that owns, directly or indirectly, a 50 percent or greater interest in ten or fewer broadcast stations; and (2) for any other telecommunications sale, any individual, partnership, or corporation with net assets not exceeding $30 million and average after-tax income for the two preceding taxable years of not more than $10 million. Restricts to three the number of telecommunications sales a qualified business may complete without forfeiting tax deferral.

Requires the recapture of deferred gain if a qualified business resells a telecommunications business within five years, unless the resale is to another qualified business or the sales proceeds are reinvested in another telecommunications business within 60 days of the resale.

Authorizes the Small Business Administration to guarantee loans made to a qualified business for the purchase of a telecommunications business. Requires security for such loans, including forfeiture of any Federal Communications Commission license of a borrower who defaults on a loan.

]]> To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes. Display Title To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes. Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes. Introduced in House IH Introduced in House 2004-06-24T04:00:00Z 2004-06-24 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.