Telecommunications Ownership Diversification Act of 1999

Summary

Telecommunications Ownership Diversification Act of 1999 - Amends the Internal Revenue Code (IRC) to provide, at the election of a taxpayer, for the nonrecognition of gain on the sale of a telecommunications business if: (1) the business is sold to an eligible purchaser and the taxpayer purchases one or more telecommunications businesses within the "replacement period"; or (2) the taxpayer purchases, within such replacement period, one or more equity interests in an entity that is an eligible purchaser that either derives, directly or indirectly, 50 percent or more of its gross income from a telecommunications business or invests substantially all of the gross proceeds received from the taxpayer in the acquisition of a telecommunications business and the acquisition occurs within 180 days after the expiration of the taxpayer's replacement period. Sets forth related limitations, rules, and definitions, including the time for the assessment of a deficiency for taxpayers who made the election. Allows a limited credit for a taxpayer that at all times during that taxable year: (1) is a local exchange carrier; (2) is not a Bell operating company; and (3) is headquartered in an area designated as an empowerment zone. Sets forth additional telecommunications-related provisions concerning: (1) depreciation; (2) losses on stock in telecommunications corporations; (3) the 50-percent exclusion for gain from certain small business stock; and (4) deferral of certain capital gains. Requires biennial audits and reports by the Comptroller General relating to the IRC amendments made by this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 October 1999

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 October 1999

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 21 October 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.