Directs the Federal Communications Commission (FCC) to increase diversity of ownership in the broadcasting industry.
Defines terms such as “broadcast station” and “owned by socially disadvantaged individuals.”
Congress finds the importance of diversity in ownership and viewpoints in the broadcasting industry and notes the low percentages of minority and women ownership.
Requires the FCC to submit biennial reports to Congress with recommendations for increasing the number and value of broadcast stations owned by socially disadvantaged individuals, and identifying the total number of such stations.
Establishes a tax certificate program for broadcast station transactions that further ownership by socially disadvantaged individuals, including definitions, requirements for issuance of certificates by the FCC, and specific rules for the program.
Sets a deadline for the FCC to issue rules for the tax certificate program and requires a report to Congress on the program’s expansion and an examination of the nexus between diversity of ownership and diversity of viewpoint.
Amends the Internal Revenue Code to allow nonrecognition of gain or loss from the sale of interests in certain broadcast stations if certified by the FCC, with specific conditions and a sunset provision.
Introduces a credit for contributions with respect to broadcast stations, defining qualified contributions and denying deductions for contributions that receive credit.
Specifies that the credit for contributions with respect to broadcast stations will be part of the general business credit.
Sets the effective dates for the amendments related to sales of interests in broadcast stations and contributions made in taxable years.