To amend the Internal Revenue Code of 1986 to allow a credit against the income tax for an owner of a radio broadcasting station which donates the license and other assets of such station to a nonprofit corporation for purposes of supporting nonprofit fine arts and performing arts organizations, and for other purposes.
Cultural Radio Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a business tax credit for 125 percent of the fair market value of a radio broadcasting commercial license and 100 percent of the fair market value of radio station assets donated to a tax-exempt organization which agrees to operate the station on a for-profit basis and to donate operational profits to support nonprofit fine arts and performing arts organizations in its service area.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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