,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dhga  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #cj1 #bjba,mr4  
,butt]field 7= himself & ,mr4 ,hors=d7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,en]gy & ,comm]ce1 & 9 
addition to ! ,committee on ,ways &     
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to direct ! ,f$]al            
,communications ,commission to take     
c]ta9 actions to increase div]sity (    
own]%ip 9 ! broadca/+ indu/ry1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,exp&+ ,broadca/ ,own]%ip  
,opportunities ,act ( #bjba4  #b4 ,f9d+s
 ,congress f9ds ! foll[+3 7#a7 ,"o ( !  
ma9 missions ( ! ,f$]al ,communications 
,commission1 & a compell+ gov]nm5tal    
int]e/1 is to ensure t !re is a div]sity
 ( own]%ip & viewpo9ts 9 ! broadca/+    
indu/ry4  7#b7 ,! ,commission %\ld      
cont9ue to collect relevant data &      

conduct /udies on su* div]sity1 adopt   
improvem5ts to ! data collection &      
/udies1 & make appropriate              
recomm5dations to ,congress on h[ to    
increase ! numb] ( m9ority- & wom5-own$ 
broadca/ /ations4  7#c7 ,data f #bjag   
%[s t1 ( ! ne>ly #a1gjj full-p[]        
comm]cial broadca/ television /ations 9 
! ,unit$ ,/ates1 less ?an #f p]c5t are  
own$ by wom51 & less ?an #c p]c5t are   
m9ority-own$4 ,) respect to ! ne>ly     
#e1ejj full-p[] comm]cial broadca/ radio
 /ations1 wom5 own$ approximately #g    
p]c5t ( ,,fm broadca/ radio /ations1 &  
m9orities own$ less ?an #c p]c5t ( su*  
/ations4  7#d7 ,wom5 & m9ority own]%ip  
is #e to #aj times high] 9 o!r indu/ries
 ?an 9 ! broadca/+ indu/ry4  7#e7 ,dur+ 
! #ag ye>s t a m9ority tax c]tificate   
program 0 9 place at ! ,commission 7f   
#aigh to #aiie71 ! ,commission issu$    
#bhg c]tificates = radio /ations & #dj  
c]tificates = television /ations4  #c4  
,,fcc reports to ,congress  7a7 ,bi5nial
 report conta9+ recomm5dations =        

increas+ numb] ( m9ority- & wom5-,own$  
broadca/ /ations ,n lat] ?an #ahj days  
aft] ! date ( ! enactm5t ( ?is ,act1 & n
 less frequ5tly ?an e #b ye>s !reaft]1 !
 ,commission %all submit to ,congress a 
report conta9+ recomm5dations = h[ to   
increase ! total numb] ( broadca/       
/ations t are own$ or controll$ by      
memb]s ( m9ority gr\ps or wom51 or by   
bo? memb]s ( m9ority gr\ps & wom54  7b7 
,bi5nial report on numb] ( m9ority- &   
wom5-,own$ broadca/ /ations ,n lat] ?an 
#ahj days aft] ! date ( ! enactm5t ( ?is
 ,act1 & n less frequ5tly ?an e #b ye>s 
!reaft]1 ! ,commission %all submit to   
,congress a report t /ates ! total numb]
 ( broadca/ /ations t are own$ or       
controll$ by memb]s ( m9ority gr\ps or  
wom51 or by bo? memb]s ( m9ority gr\ps &
 wom54  #d4 ,tax c]tificate program =   
broadca/ /ation transactions fur!r+     
own]%ip by socially disadvantag$        
individuals  7a7 ,requirem5ts = issuance
 ( c]tificate by ,,fcc  7#a7 ,9 g5]al   
,"p ,i ( title ,,iii ( ! ,communications

 ,act ( #aicd 7#dg ,u4,s4,c4 #cja et    
seq47 is am5d$ by add+ at ! end !       
foll[+3  #cdd4 ,tax c]tificate program =
 broadca/ /ation transactions fur!r+    
own]%ip by socially disadvantag$        
individuals  7a7 ,issuance ( c]tificate 
by ,commission ,^u application by a     
p]son :o engages 9 a sale ( an int]e/ 9 
a broadca/ /ation describ$ 9 subsection 
7b71 subject to ! rules adopt$ by !     
,commission "u subsection 7c71 !        
,commission %all issue to su* p]son a   
c]tificate /at+ t su* sale meets !      
requirem5ts ( ?is section4  7b7 ,sales  
describ$ ,! sales describ$ 9 ?is        
subsection are ! foll[+3 7#a7 ,sale     
result+ 9 or pres]v+ own]%ip & control  
by socially disadvantag$ individuals ,a 
sale ( an int]e/ 9 a broadca/ /ation if1
 imm$iately foll[+ ! sale1 ! /ation is  
own$ & controll$ by socially            
disadvantag$ individuals 7reg>dless (   
:e!r ! /ation 0 own$ & controll$ by     
socially disadvantag$ individuals be=e !
 sale74  7#b7 ,sale by inve/or 9 /ation 

own$ & controll$ by socially            
disadvantag$ individuals ,9 ! case ( a  
p]son :o has contribut$ capital 9       
ex*ange = an int]e/ 9 a broadca/ /ation 
t is own$ & controll$ by socially       
disadvantag$ individuals1 a sale by su* 
p]son ( "s or all ( su* int]e/4  7c7    
,rules ,! ,commission %all adopt rules =
 ! issuance ( a c]tificate "u subsection
 7a7 t provide = ! foll[+3 7#a7 ,limit  
on value ( sale ,a limit on ! value ( an
 int]e/ ! sale ( :i* qualifies = !      
issuance ( su* a c]tificate4 ,! limit   
%all be no high] ?an #ej1jjj1jjj4  7#b7 
,m9imum hold+ p]iod ,9 ! case ( a sale  
describ$ 9 subsection 7b77#a71 a m9imum 
p]iod foll[+ ! sale dur+ :i* ! broadca/ 
/ation mu/ rema9 own$ & controll$ by    
socially disadvantag$ individuals4 ,!   
m9imum p]iod %all be no %ort] ?an #b    
ye>s & no long] ?an #c ye>s4  7#c7      
,cumulative limit on numb] or value (   
sales ,a limit on ! total numb] ( sales 
or ! total value ( sales1 or bo?1 = :i* 
a p]son may be issu$ c]tificates "u     

subsection 7a74  7#d7 ,p>ticipation 9   
/ation managem5t by socially            
disadvantag$ individuals ,requirem5ts = 
p>ticipation by socially disadvantag$   
individuals 9 ! managem5t ( ! broadca/  
/ation4  7#e7 ,c]tification ,9 ! case ( 
a sale describ$ 9 subsection 7b77#a71 a 
requirem5t t ! buy] ( ! int]e/ 9 !      
broadca/ /ation c]tify1 e #f mon?s dur+ 
! m9imum hold+ p]iod "u p>agraph 7#b71  
compliance ) ! rules adopt$ "u p>agraphs
 7#b7 & 7#d74 ,! ,commission %all report
 a failure to make ! c]tification       
requir$ "u ?is p>agraph to !            
,commission] ( ,int]nal ,rev5ue & %all  
include su* failure 9 ! report to       
,congress "u subsection 7d7 t cov]s !   
p]iod dur+ :i* su* failure occurr$4  7d7
 ,annual report to congress ,!          
,commission %all submit to ,congress an 
annual report describ+ ! sales = :i*    
c]tificates h be5 issu$ "u subsection   
7a7 dur+ ! p]iod cov]$ by ! report4  7e7
 ,def9itions ,9 ?is section3 7#a7 ,own$ 
& controll$ by socially disadvantag$    

individuals ,! t]m own$ & controll$ by  
socially disadvantag$ individuals means1
 ) respect to a broadca/ /ation1 t--    
7,a7 su* /ation is at lea/ #ea p]c5t    
own$ by "o or m socially disadvantag$   
individuals1 or1 9 ! case ( any publicly
 own$ broadca/ /ation1 at lea/ #ea p]c5t
 ( ! vot+ /ock ( su* /ation is own$ by  
"o or m socially disadvantag$           
individuals1 & su* individual or        
individuals h n conf]r$ ! "r to vote su*
 /ock to ano!r2 &  7,b7 ! managem5t &   
daily bus9ess op]ations ( su* /ation are
 controll$ by "o or m ( su* individuals4
  7#b7 ,socially disadvantag$ individual
 ,! t]m socially disadvantag$ individual
 means a woman or an individual :o has  
be5 subject$ to racial or e?nic         
prejudice or cultural bias because ( !  
id5tity ( ! individual z a memb] ( a    
gr\p )\t reg>d to ! individual qualities
 ( ! individual4  4  7#b7 ,deadl9e =    
adoption ( rules ,! ,commission %all    
adopt rules to implem5t section #cdd ( !
 ,communications ,act ( #aicd1 z add$ by

 p>agraph 7#a71 n lat] ?an #a ye> aft] !
 date ( ! enactm5t ( ?is ,act4  7#c7    
,report to ,congress on program         
expansion ,n lat] ?an #f ye>s aft] !    
date ( ! enactm5t ( ?is ,act1 !         
,commission %all submit to ,congress a  
report reg>d+ :e!r ,congress %\ld exp&  
section #cdd ( ! ,communications ,act ( 
#aicd1 z add$ by p>agraph 7#a71 beyond  
broadca/ /ations to cov] o!r entities   
regulat$ by ! ,commission4  7#d7        
,exam9ation & report to ,congress on    
nexus betwe5 div]sity ( own]%ip &       
div]sity ( viewpo9t  7,a7 ,exam9ation ,n
 lat] ?an #fj days aft] ! date ( !      
enactm5t ( ?is ,act1 ! ,commission %all 
initiate an exam9ation ( :e!r !re is a  
nexus betwe5 div]sity ( own]%ip or      
control ( broadca/ /ations 7includ+     
own]%ip or control by memb]s ( m9ority  
gr\ps or wom51 or by bo? memb]s (       
m9ority gr\ps & wom57 & div]sity ( !    
viewpo9ts express$ 9 ! matt] broadca/ by
 broadca/ /ations4  7,b7 ,report to     
,congress ,n lat] ?an #b ye>s aft] !    

date ( ! enactm5t ( ?is ,act1 !         
,commission %all submit to ,congress a  
report on ! f9d+s ( ! ,commission 9 !   
exam9ation "u subp>agraph 7,a71 includ+ 
support+ data4  7b7 ,nonrecognition (   
ga9 or loss = tax purposes  7#a7 ,9     
g5]al ,sub*apt] ,o ( *apt] #a ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] "p ,,iv ! foll[+ new "p3 
,v ,sale ( ,int]e/ 9 ,c]ta9 ,broadca/   
,/ations  ,sec4 #ajga4 ,nonrecognition (
 ga9 or loss f sale ( int]e/ 9 c]ta9    
broadca/ /ations4  #ajga4               
,nonrecognition ( ga9 or loss f sale (  
int]e/ 9 c]ta9 broadca/ /ations  7a7    
,nonrecognition ( ga9 or loss ,if a sale
 ( an int]e/ 9 a broadca/ /ation1 )9 !  
mean+ ( section #cdd ( ! ,communications
 ,act ( #aicd1 is c]tifi$ by ! ,f$]al   
,communications ,commission "u su*      
section1 su* sale %all1 if ! taxpay] s  
elects1 be treat$ z an involunt>y       
conv]sion ( su* prop]ty )9 ! mean+ (    
section #ajcc4 ,= purposes ( su* section
 z made applicable by ! provisions ( ?is

 section1 /ock ( a corporation op]at+ a 
broadca/ /ation %all be treat$ z prop]ty
 simil> or relat$ 9 s]vice or use to !  
prop]ty s conv]t$4 ,! "p ( ! ga91 if    
any1 on su* sale to :i* section #ajcc is
 n appli$ %all nev]!less n be recogniz$1
 if ! taxpay] s elects1 to ! ext5t t x  
is appli$ to r$uce ! basis = det]m9+ ga9
 or loss on any su* sale1 ( a "* subject
 to ! all[ance = depreciation "u section
 #afg1 rema9+ 9 ! h&s ( ! taxpay]       
imm$iately aft] ! sale1 or acquir$ 9 !  
same taxable ye>4 ,! mann] & am\nt ( su*
 r$uction %all be det]m9$ "u regulations
 prescrib$ by ! ,secret>y4 ,any election
 made by ! taxpay] "u ?is section %all  
be made by a /atem5t to t effect 9 8    
return = ! taxable ye> 9 :i* ! sale     
takes place1 & su* election %all be b9d+
 = ! taxable ye> & all subsequ5t taxable
 ye>s4  7b7 ,m9imum hold+ p]iod2 cont9u$
 managem5t ,if-- 7#a7 !re is            
nonrecognition ( ga9 or loss to a       
taxpay] "u ?is section ) respect to a   
sale ( prop]ty 7det]m9$ )\t reg>d to ?is

 p>agraph71 &  7#b7 ! sale ( ! int]e/ 9 
! broadca/ /ation fails to meet !       
requirem5ts ( ! rules adopt$ by ! ,f$]al
 ,communications ,commission "u p>agraph
 7#b71 7#d71 or 7#e7 ( section #cdd7;c7 
( ! ,communications ,act ( #aicd 7z su* 
rules are 9 effect on ! date ( su*      
sale71  !re %all be no nonrecognition ( 
ga9 or loss "u ?is section to ! taxpay] 
) respect to su* sale1 except t any ga9 
or loss recogniz$ by ! taxpay] by reason
 ( ?is subsection %all be tak5 into     
acc\nt z ( ! fir/ date on :i* ! sale s  
fails to fulfill su* requirem5ts4  7c7  
,basis ,= basis ( prop]ty acquir$ on a  
sale treat$ z an involunt>y conv]sion "u
 subsection 7a71 see section #ajcc7;b74 
4  7#b7 ,cl]ical am5dm5t ,! table ( p>ts
 = sub*apt] ,o ( *apt] #a ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] ! item relat+ to "p ,,iv ! foll[+ 
new item3  ,"p ,v4 ,sale ( int]e/ 9     
c]ta9 broadca/ /ations4  4  7c7         
,effective date ,! am5dm5ts made by ?is 
section %all apply ) respect to sales ( 

int]e/s 9 broadca/ /ations aft] ! date t
 is #a ye> aft] ! date ( ! enactm5t (   
?is ,act4  7d7 ,sunset ,! am5dm5ts made 
by ?is section %all n apply ) respect to
 sales ( int]e/s 9 broadca/ /ations aft]
 ! date t is #af ye>s aft] ! date ( !   
enactm5t ( ?is ,act4  #e4 ,def9itions ,9
 ?is ,act3 7#a7 ,broadca/ /ation ,! t]m 
broadca/ /ation has ! mean+ giv5 su* t]m
 9 section #c ( ! ,communications ,act (
 #aicd 7#dg ,u4,s4,c4 #aec74  7#b7      
,commission ,! t]m ,commission means !  
,f$]al ,communications ,commission4