A bill to direct the Federal Communications Commission to take certain actions to increase diversity of ownership in the broadcasting industry, and for other purposes.
Expanding Broadcast Ownership Opportunities Act of 2019
This bill requires the Federal Communications Commission (FCC) to increase diversity of ownership in the broadcasting industry.
Specifically, the bill allows companies engaged in the qualifying sale of a broadcast station to receive favorable tax treatment by electing nonrecognition of the gain or loss resulting from the sale. To qualify for this treatment, the sale must result in or preserve ownership of a broadcast station by socially disadvantaged individuals.
The bill also requires the FCC to foster investment in broadcast stations owned by socially disadvantaged individuals.
Ordered to be Reported (Amended) by Voice Vote.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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