A bill to amend the Internal Revenue Code of 1954 to increase the investment credit for the purchase of used telecommunications property which effectuates policies of the Federal Communications Commission and to provide that the nonrecognition of gain on FCC-certified sales or exchanges of radio broadcasting stations shall apply to systems of communication by wire or radio.
Minority Telecommunications Ownership Tax Act of 1984 - Amends the Internal Revenue Code to increase the dollar limitation on used property eligible for the investment tax credit from $150,000 to $5,000,000 for property certified by the Federal Communications Commission (FCC) as necessary or appropriate to effectuate an FCC policy with respect to the ownership and control of systems of communication by wire or radio.
Extends to non-broadcast communications systems the nonrecognition of gain on FCC-certified sales and exchanges.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line