3.0.0 3446 2019-11-15T21:57:51Z 2019-11-15T21:57:51Z Senate S S 2008-08-01 110 ssfi00 Finance Committee Senate Standing Referred to 2008-08-01T18:27:06Z Telecommunications Ownership Diversification Act of 2007 110 600 HR 2007-01-22 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes. 110 3003 HR 2007-07-11 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. Related bill CRS 2008-08-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-08-01 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2008-08-01 True S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2008-08-01 True L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2008-08-01 True S000888 Sen. Stevens, Ted [R-AK] THEODORE STEVENS R AK F. 2008-08-01 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2008-08-01 True I000025 Sen. Inouye, Daniel K. [D-HI] DANIEL INOUYE D HI KEN 2008-09-22 False Taxation Auditing Capital gains tax Commerce Congress Congressional investigations Congressional reporting requirements Economics and Public Finance Federally-guaranteed loans Finance and Financial Sector Income tax Minorities Minorities in mass media Minority business enterprises Science, Technology, Communications Small business Tax deferral Telecommunication industry Taxation 00 2008-08-01 Introduced in Senate 2008-09-15T21:40:01Z Amends the Internal Revenue Code to allow the owner of a telecommunications business to defer for three years the tax on the gain, up to $350 million, from a sale of such business to a business owned by a member or members of a socially or economically disadvantaged group (e.g., Black Americans, Hispanic Americans, Native Americans, or Asian Pacific Americans) or to reduce the basis of property held by such seller by the amount of gain realized from a sale. Defines "telecommunications business" as any business providing communication services by wire, cable, radio, satellite, or other technology if governed by the Communications Act of 1934 or the Telecommunications Act of 1996.

Authorizes the Administrator of the Small Business Administration (SBA) to guarantee loans for the purchase of a telecommunications business under this Act.

Directs the Comptroller General to audit the administration of the tax deferral provisions of this Act, to report on such audit every five years, and to include in such report an assessment of the small business loan guarantee program.

]]> A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media businesses, and for other purposes. Display Title A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media businesses, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media businesses, and for other purposes. Introduced in Senate 2008-08-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3446is/xml/BILLS-110s3446is.xml 2008-08-01 Read twice and referred to the Committee on Finance. 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.