Telecommunications Ownership Diversification Act of 2003

Summary

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.

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Timeline

1. 9 May 2003

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 9 May 2003

   Introduced

   Sponsor introductory remarks on measure. (CR E917)

   Source: IntroReferral

3. 9 May 2003

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 May 2003

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 May 2003 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 9 May 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 9 May 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 May 2003

  Open at official source

Sponsors

• BOBBY RUSH · D · Sponsor
• Rep. Stupak, Bart [D-MI-1] · D · Sponsor
• Rep. Gordon, Bart [D-TN-6] · D · Sponsor
• GENE GREEN · D · Sponsor
• ELIOT ENGEL · D · Sponsor
• Barbara Lee · D · Sponsor
• Rep. Towns, Edolphus [D-NY-11] · D · Sponsor
• Rep. Wynn, Albert Russell [D-MD-4] · D · Sponsor
• ELIJAH CUMMINGS · D · Sponsor
• Rep. Watson, Diane E. [D-CA-33] · D · Sponsor
• Sheila Jackson Lee · D · Sponsor
• GREG WALDEN · R · Sponsor
• EDDIE JOHNSON · D · Sponsor
• Rep. Scott, Robert C. "Bobby" [D-VA-3] · D · Sponsor
• WM. CLAY · D · Sponsor
• Rep. Jackson, Jesse L., Jr. [D-IL-2] · D · Sponsor
• Rep. Owens, Major R. [D-NY-12] · D · Sponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Sponsor
• Rep. Dingell, John D. [D-MI-16] · D · Sponsor
• Rep. Millender-McDonald, Juanita [D-CA-37] · D · Sponsor
• Rep. Meeks, Gregory W. [D-NY-5] · D · Sponsor
• Diana DeGette · D · Sponsor
• Anna Eshoo · D · Sponsor
• JOHN CONYERS · D · Sponsor
• JOHN SHIMKUS · R · Sponsor
• Rep. Gonzalez, Charles A. [D-TX-20] · D · Sponsor
• FRED UPTON · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← Telecommunications Ownership Diversification Act of 2003