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.

Amends the Internal Revenue Code to allow the owner of a telecommunications business to defer for three years the tax on the gain, up to $350 million, from a sale of such business to a business owned by a member or members of a socially or economically disadvantaged group (e.g., Black Americans, Hispanic Americans, Native Americans, or Asian Pacific Americans) or to reduce the basis of property held by such seller by the amount of gain realized from a sale. Defines "telecommunications business" as any business providing communication services by wire, cable, radio, satellite, or other technology if governed by the Communications Act of 1934 or the Telecommunications Act of 1996.

Authorizes the Administrator of the Small Business Administration (SBA) to guarantee loans for the purchase of a telecommunications business under this Act.

Directs the Comptroller General to audit the administration of the tax deferral provisions of this Act, to report on such audit every five years, and to include in such report an assessment of the small business loan guarantee program.