Broadcast VOICES Act

Summary

Creates a set of federal incentives and reporting requirements to increase broadcast-station ownership by "socially disadvantaged individuals" (explicitly including women and people subjected to racial/ethnic prejudice or cultural bias). It directs the FCC to collect and report ownership data, start a tax-certificate program that defers gain on qualifying sales to socially disadvantaged buyers, and requires studies on ownership and viewpoint diversity. The bill also creates a federal tax credit for donors who contribute broadcast stations to qualifying nonprofits that train socially disadvantaged individuals, sets implementation timelines, and includes effective dates and a 16-year sunset for the tax-certificate program.

• Creates an FCC-administered tax-certificate program to encourage qualifying sales of broadcast stations to socially disadvantaged individuals, with deferred gain tax treatment.
• Requires the FCC to produce two separate biennial reports to Congress: recommendations to increase ownership by socially disadvantaged individuals and a count of such owners using Form 323 data.
• Adds a new federal tax credit for donations of broadcast stations to qualifying nonprofits that train socially disadvantaged individuals, conditioned on a 2-year hold by the recipient and no duplicate charitable deduction.
• Defines "socially disadvantaged individuals" to explicitly include women and persons subject to racial/ethnic prejudice or cultural bias; definitions are linked into the Communications Act and IRC provisions.
• Imposes application, certification, periodic certification (every 180 days), annual FCC reporting, and IRS notification requirements for failures to comply.
• Requires the FCC to study whether ownership diversity is associated with viewpoint diversity and to consider expanding the program beyond broadcast stations within set timelines.
• Tax benefits for qualifying sales take effect for sales after 1 year from enactment; the tax-certificate program sunsets after 16 years.
• Adds new tax code provisions (nonrecognition rules and a business credit) that will affect federal tax revenue and require IRS oversight.
• Targets broadcasters, nonprofit training organizations, and potential buyers from socially disadvantaged groups; imposes administrative duties on the FCC and IRS.