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.”
Finds a need for diversity of ownership and viewpoints in the broadcasting industry and acknowledges past minority ownership statistics and the impact of a previous minority tax certificate program.
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 specific requirements for issuance of certificates by the FCC.
Details the sales that qualify for the tax certificate program, including sales resulting in or preserving ownership by socially disadvantaged individuals and sales by investors in stations owned by socially disadvantaged individuals.
Outlines rules for the tax certificate program, such as limits on the value of sales, minimum holding periods, cumulative limits on sales, and requirements for participation in station management.
Requires the FCC to submit an annual report to Congress on the sales for which certificates have been issued.
Amends the Internal Revenue Code to allow for nonrecognition of gain or loss from the sale of interests in certain broadcast stations that are certified by the FCC, with specific conditions and requirements.
Introduces a credit for contributions with respect to broadcast stations, defining qualified contributions and specifying that no deduction is allowed for contributions that receive this credit.
Specifies the effective dates for the tax-related amendments and sets a sunset provision for the tax certificate program.
