119th Congress Science, Technology, Communications
H.R. 3879: Broadcast VOICES Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes tax incentives for certain transactions that facilitate the ownership and management of broadcast radio stations by socially disadvantaged individuals and imposes related reporting requirements. Under the bill, a socially disadvantaged individual is a woman or an individual who has been subjected to racial or ethnic prejudice or cultural bias because of their membership in a group. (A similar tax incentive, known as the Minority Tax Certificate Program, was in effect from 1978 to 1995.)
Specifically, the bill permits individuals and entities engaged in the qualifying sale of a radio station to elect nonrecognition of the gain or loss resulting from the sale. A qualifying sale is (1) a sale of an interest in a station that results in or preserves ownership of the station by socially disadvantaged individuals, or (2) a sale of some or all of an interest in a station that is owned by socially disadvantaged individuals by an individual or entity that contributed capital in exchange for the interest (e.g., an investor that contributed startup capital). Such sales must also meet other requirements, including a cap on the value of the sale.
The bill also establishes a tax credit for contributions of radio stations for the training of socially disadvantaged individuals in station management and operations.
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Finally, the bill requires the Federal Communications Commission to report to Congress with recommendations for increasing ownership of radio stations by socially disadvantaged individuals.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Emanuel Cleaver D-MOOriginal
- Joyce Beatty D-OH
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Other bills by Steven Horsford
History
- Introduced in the House by Steven Horsford.
Show the full action history (2 actions)
- Introduced in House
- Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, 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.