HR 2044
108th Congress
House
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
Telecommunications Ownership Diversification Act of 2003
Introduced: May 9, 2003
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 9, 2003
Referred to the House Committee on Ways and Means.
May 9, 2003
Sponsor introductory remarks on measure. (CR E917)
May 9, 2003
Introduced in House
Plain-English summary
Telecommunications Ownership Diversification Act of 2003 - Amends the Internal Revenue Code to allow an electing taxpayer to treat a qualified telecommunications business sale to an eligible purchaser as an involuntary conversion. Places limits on the ensuing tax benefit. Defines an eligible purchaser as: (1) an economically and socially disadvantaged business; or (2) a corporation or partnership which, following the purchase, has substantially all of its assets in the telecommunications business and is at least five percent owned by the Telecommunications Development Fund.
Provides a limited tax credit to a local exchange carrier that is not a Bell operating company and is headquartered in an empowerment zone.
Provides for the exclusion from income of 50 percent of the gain on any sale or exchange of stock in an eligible purchaser engaged in a telecommunications business held for more than five years.
Directs the Comptroller General to biennially audit the administration of the provisions of this Act and issue a report.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1