Telecommunications Ownership Diversification Act of 2007

Summary

Telecommunications Ownership Diversification Act of 2007 - Amends the Internal Revenue Code to allow a taxpayer election to exclude from gross income a portion of the gain from the sale of the assets of a telecommunications business to an eligible purchaser. Defines "eligible purchaser" as: (1) any economically and socially disadvantaged business as designated by the Secretary of the Treasury using specified criteria; or (2) a corporation or partnership which, following the sale of a telecommunications business, owns substantially all of the assets of such business and is at least five percent owned by the Telecommunications Development Fund established under the Communications Act of 1934. Allows an investment tax credit of ten percent of the taxable income of any local exchange carrier that is not a Bell operating company and is headquartered in an area designated as an empowerment zone by the Secretary of Housing and Urban Development. Allows the exclusion from gross income of 50 percent of the gain from the sale or exchange of stock, held for more than five years, in an eligible purchaser engaged in a telecommunications business. Directs the Comptroller General, not later than January 1, 2007, and two years thereafter, to audit and report on the administration of this Act.

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Timeline

1. 22 January 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 22 January 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 22 January 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 22 January 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 January 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 22 January 2007

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 22 January 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Rush, Bobby L. [D-IL-1] · D · Sponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Sponsor
• Rep. Wynn, Albert Russell [D-MD-4] · D · Sponsor
• Rep. McGovern, James P. [D-MA-2] · D · Cosponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Rep. Cohen, Steve [D-TN-9] · D · Cosponsor
• Rep. Clyburn, James E. [D-SC-6] · D · Cosponsor
• Rep. Butterfield, G. K. [D-NC-1] · D · Cosponsor
• Rep. Gonzalez, Charles A. [D-TX-20] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes.
• related to ← A bill to amend the Internal Revenue Code of 1986 to defer the tax on the gain on the sale of certain telecommunications and media businesses, and for other purposes.