HR 2044 108th Congress House

Telecommunications Ownership Diversification Act of 2003

Official title: 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… Show full official titleShow less

Official title: 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: May 9, 2003 See on congress.gov

Taxation Administrative procedureAuditingBroadbandCable television

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Capital gains taxCommerceCongressCongressional investigationsCongressional reporting requirementsCorporation taxesDepartment of the TreasuryDirect broadcast satellitesEnterprise zonesFinance and Financial SectorGovernment Operations and PoliticsIncome taxInvestment tax creditLawMinoritiesMinority business enterprisesPartnershipsRadio stationsScience, Technology, CommunicationsSmall businessStocksTax deferralTax exclusionTelecommunication industryTelephoneTelevision stationsUrban affairsWireless communication

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

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Latest action May 9, 2003

Referred to the House Committee on Ways and Means.

Plain-English summary Congressional Research Service

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.

Related & companion bills 1

Bill text 1 version

Introduced in House Formatted Text PDF

Source documents hosted by congress.gov.

Committees of jurisdiction 1

Ways and Means Committee
House of Representatives

Cosponsors 4

Davis, Danny K.

Illinois · May 9, 2003

DeGette, Diana

Colorado · May 9, 2003

Meeks, Gregory W.

New York · May 9, 2003

Scott, Robert C. "Bobby"

Virginia · May 9, 2003

Cite this page click to expand

APA

U.S. Congress. (2026). H.R. 2044: Telecommunications Ownership Diversification Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-HR-2044/

MLA

"H.R. 2044: Telecommunications Ownership Diversification Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-2044/.

Bluebook (legal)

H.R. 2044, 108th Cong. (2026), https://openamerica.io/bill/108-HR-2044/.

Markdown link

[H.R. 2044: Telecommunications Ownership Diversification Act of 2003](https://openamerica.io/bill/108-HR-2044/)