3.0.0 1473 2019-11-15T21:48:01Z 2019-11-15T21:48:01Z House H HR 2005-04-05 109 hswm00 Ways and Means Committee House Standing Referred to 2005-04-05T17:58:00Z 2005-04-05 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-04-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-04-05 Introduced in House IntroReferral 1000 9 Library of Congress R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 N 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 Telecommunication industry Telephone Television stations Urban affairs Wireless communication Taxation 00 2005-04-05 Introduced in House 2005-04-28T20:49:26Z 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.]]>

Telecommunications Ownership Diversification Act of 2005 Short Titles as Introduced Telecommunications Ownership Diversification Act of 2005 Display Title Telecommunications Ownership Diversification Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for a deferral of tax on gain from the sale of telecommunications businesses in specific circumstances or a tax credit and other incentives to promote diversity of ownership in telecommunications businesses. Introduced in House 2005-04-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1473ih/xml/BILLS-109hr1473ih.xml 2005-04-05 Referred to the House Committee on Ways and Means. 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.