,,ii  #aah? ,,congress  #b;d ,session   
,s4 #daeh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #ah1 #bjbd,mr4  
,pet]s 7= himself1 ,ms4 ,/ab5[1 ,ms4    
,baldw91 ,mr4 ,s*atz1 ,mr4 ,blum5?al1   
,ms4 ,klobu*>1 & ,mr4 ,c>d97 introduc$ !
 foll[+ bill2 :i* 0 read twice & ref]r$ 
to ! ,committee on ,f9ance  ,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 
! ,broadca/ ,v>i$ ,own]%ip ,inc5tives = 
,community ,exp&$ ,s]vice ,act or !     
,broadca/ ,,voices ,act4  #b4           
,def9itions ,9 ?is ,act3 7#a7 ,broadca/ 
/ation ,! t]m broadca/ /ation has !     
mean+ giv5 ! t]m 9 section #c ( !       
,communications ,act ( #aicd 7#dg       
,u4,s4,c4 #aec74  7#b7 ,commission ,!   
t]m ,commission means ! ,f$]al          
,communications ,commission4  7#c7 ,own$
 by socially disadvantag$ individuals ,!
 t]m own$ by socially disadvantag$      

individuals has ! mean+ giv5 ! t]m 9    
section #cdf7;a7 ( ! ,communications    
,act ( #aicd1 z add$ by section         
#e7;a77#a7 ( ?is ,act4  #c4 ,f9d+s      
,congress f9ds ! foll[+3 7#a7 ,"o ( !   
ma9 missions ( ! ,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 on ! div]sity describ$ 9  
p>agraph 7#a71 adopt improvem5ts to t   
data collection & relat$ /udies1 & make 
appropriate recomm5dations to ,congress 
reg>d+ h[ to increase ! numb] ( m9ority-
 & wom5-own$ broadca/ /ations4  7#c7    
,data f #bjba %[s t1 ( ! ne>ly #a1gfj   
full p[] comm]cial broadca/ television  
/ations 9 ! ,unit$ ,/ates1 less ?an #f  
p]c5t are own$ by wom5 & less ?an #d    
p]c5t are m9ority-own$4 ,) respect to   
full p[] comm]cial radio /ations1 wom5  
own$ approximately #i p]c5t ( ,,fm      
broadca/ radio /ations1 & m9orities own$
 less ?an #c p]c5t ( ^? /ations4  7#d7  

,9 ! #ag ye>s t a m9ority tax c]tificate
 program 0 9 place at ! ,commission     
betwe5 #aigh & #aiie1 ! ,commission     
issu$ #bhg c]tificates = radio /ations1 
& #dj c]tificates = television /ations1 
"u t program4  #d4 ,,fcc reports to     
,congress  7a7 ,bi5nial report conta9+  
recomm5dations = increas+ numb] & value 
( broadca/ /ations own$ by socially     
disadvantag$ individuals ,n lat] ?an    
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 & n less frequ5tly ?an once e #b  
ye>s !reaft]1 ! ,commission %all submit 
to ,congress a report conta9+           
recomm5dations = h[ to increase ! total 
numb]1 & ! value1 ( broadca/ /ations t  
are own$ by socially disadvantag$       
individuals4  7b7 ,bi5nial report on    
numb] ( broadca/ /ations own$ by        
socially disadvantag$ individuals ,n    
lat] ?an #ahj days aft] ! date (        
enactm5t ( ?is ,act1 & n less frequ5tly 
?an once e #b ye>s !reaft]1 !           
,commission %all submit to ,congress a  
report t id5tifies ! total numb] (      

broadca/ /ations t are own$ by socially 
disadvantag$ individuals1 bas$ on data  
report$ to ! ,commission on ,=m #cbc ( !
 ,commission4  #e4 ,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  #cdf4 ,tax c]tificate program =
 broadca/ /ation transactions fur!r+    
own]%ip by socially disadvantag$        
individuals  7a7 ,def9itions ,9 ?is     
section3 7#a7 ,own$ by socially         
disadvantag$ individuals ,! t]m own$ by 
socially disadvantag$ individuals means1
 ) respect to a broadca/ /ation1 t--    
7,a7 ! /ation is m ?an #ej p]c5t 7or "s 
o!r p]c5tage det]m9$ by ! ,commission7  
own$ by #a or m socially disadvantag$   
individuals1 or1 9 ! case ( any publicly
 trad$ broadca/ /ation1 m ?an #ej p]c5t 
7or "s o!r p]c5tage det]m9$ by !        

,commission7 ( ! securities ( su* /ation
 is own$ by #a or m socially            
disadvantag$ individuals2 &  7,b7 !     
managem5t & daily bus9ess op]ations ( ! 
/ation are controll$ by #a or m socially
 disadvantag$ individuals4  7#b7        
,socially disadvantag$ individual ,! t]m
 socially disadvantag$ individual       
means-- 7,a7 a woman2 or  7,b7 an       
individual :o has be5 subject$ to racial
 or e?nic prejudice or cultural bias    
because ( ! id5tity ( ! individual z a  
memb] ( a gr\p1 )\t reg>d to !          
individual qualities ( ! individual4    
7b7 ,issuance ( c]tificate by           
,commission ,subject to ! rules adopt$  
by ! ,commission "u subsection 7d71 ^u  
application by a p]son t engages 9 a    
sale describ$ 9 subsection 7c71 !       
,commission %all issue to t p]son a     
c]tificate /at+ t ! sale meets !        
requirem5ts ( ?is section4  7c7 ,sales  
describ$ ,a sale describ$ 9 ?is         
subsection is ei!r ( ! 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$iately aft] !   
sale1 ! /ation is own$ by socially      
disadvantag$ individuals1 )\t reg>d to  
:e!r1 be=e ! sale1 ! /ation 0 own$ by   
socially disadvantag$ individuals4  7#b7
 ,sale by inve/or 9 /ation own$ by      
socially disadvantag$ individuals ,9 !  
case ( a p]son t has contribut$ capital 
9 ex*ange = an int]e/ 9 a broadca/      
/ation t is own$ by socially            
disadvantag$ individuals1 a sale by t   
p]son ( "s or all ( t int]e/4  7d7      
,rules ,! ,commission %all adopt rules =
 ! issuance ( a c]tificate "u subsection
 7b7 t provide = ! foll[+3 7#a7 ,limit  
on value ( sale ,a limit on ! value ( an
 int]e/ ! sale ( :i* qualifies = !      
issuance ( su* a c]tificate1 :i* %all be
 n great] ?an #ej1jjj1jjj4  7#b7 ,m9imum
 hold+ p]iod ,9 ! case ( a sale describ$
 9 subsection 7c77#a71 a m9imum p]iod   
aft] ! sale dur+ :i* ! broadca/ /ation  
%all rema9 own$ by socially disadvantag$

 individuals1 :i* %all be n %ort] ?an #b
 ye>s & n long] ?an #c ye>s4  7#c7      
,cumulative limit on numb] or value (   
sales ,a limit on ! total numb] ( sales 
p] ye> or ! total value ( sales p] ye>1 
or bo?1 = :i* a p]son may be issu$      
c]tificates "u subsection 7b74  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 
7,a7 ,9 g5]al ,9 ! case ( a sale        
describ$ 9 subsection 7c77#a71 a        
requirem5t t ! buy] ( ! int]e/ 9 !      
broadca/ /ation c]tify1 e #ahj days dur+
 ! m9imum hold+ p]iod adopt$ "u p>agraph
 7#b71 compliance ) ! rules issu$ "u t  
p>agraph & p>agraph 7#d74  7,b7 ,failure
 to comply ,) respect to a failure to   
make a c]tification requir$ "u          
subp>agraph 7,a71 ! ,commission %all--  
7i7 report ! failure to ! ,commission] (
 ,int]nal ,rev5ue2 &  7ii7 include !    
failure 9 ! report to ,congress submitt$

 "u subsection 7e7 t cov]s ! p]iod dur+ 
:i* ! failure occurr$4  7e7 ,annual     
report to ,congress ,! ,commission %all 
submit to ,congress an annual report    
describ+ ! sales = :i* c]tificates h be5
 issu$ "u subsection 7b7 dur+ ! p]iod   
cov]$ by ! report4  4  7#b7 ,deadl9e =  
issuance ( rules ,n lat] ?an #a ye> aft]
 ! date ( enactm5t ( ?is ,act1 !        
,commission %all issue rules to implem5t
 section #cdf ( ! ,communications ,act (
 #aicd1 z add$ by p>agraph 7#a74  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 #cdf ( ! ,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] t is       
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  #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   

#cdf ( ! ,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 ! taxpay] ceases to 
fulfill any requirem5ts ( ! rules adopt$
 by ! ,f$]al ,communications ,commission
 "u p>agraph 7#b7 or 7#d7 ( section     
#cdf7;c7 ( ! ,communications ,act (     
#aicd 7z su* rules are 9 effect on !    
date ( su* sale71  !re %all be no       
nonrecognition ( ga9 or loss "u ?is     
section to ! taxpay] ) respect to su*   
sale1 except t any ga9 or loss recogniz$
 by ! taxpay] by reason ( ?is subsection
 %all be tak5 into acc\nt z ( ! date on 
:i* ! taxpay] s ceases 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 "p3  ,"p 
,v--,sale ( int]e/ 9 c]ta9 broadca/     
stations,section #ajga4 ,nonrecognition 
( ga9 or loss f 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  #f4 ,cr$it = c]ta9           
contributions ) respect to broadca/     
/ations  7a7 ,9 g5]al ,subp>t ,d ( "p   
,,iv ( sub*apt] ,a ( *apt] #a ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#de;,,bb4 ,cr$it = c]ta9 contributions )
 respect to broadca/ /ations  7a7 ,9    
g5]al ,= purposes ( section #ch1 !      

broadca/ /ation contribution cr$it      
det]m9$ "u ?is section = any taxable ye>
 is an am\nt equal to ! fair m>ket value
 ( any broadca/ /ation1 or any int]e/ 9 
a broadca/ /ation1 :i* is contribut$ 9 a
 qualifi$ contribution dur+ su* taxable 
ye>4  7b7 ,qualifi$ contribution ,=     
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m qualifi$ contribution means a    
contribution or gift to or = ! use ( an 
entity describ$ 9 section #agj7;c77#b7  
:i* has z a "p ( its *>itable purpose ! 
tra9+ ( socially disadvantag$           
individuals 9 ! managem5t & op]ation (  
broadca/ /ations 7z c]tifi$ by ! ,f$]al 
,communications ,commission71 b only if 
! recipi5t holds su* /ation or int]e/ = 
n less ?an #b ye>s aft] ! date ( !      
contribution4  7#b7 ,socially           
disadvantag$ individuals ,! t]m socially
 disadvantag$ individuals has ! mean+   
giv5 su* t]m 9 section #cdf7;a77#b7 ( ! 
,communications ,act ( #aicd4  7c7      
,broadca/ /ation ,= purposes ( ?is      
section1 ! t]m broadca/ /ation has !    

same mean+ z :5 us$ 9 section #cdf ( !  
,communications ,act ( #aicd4  7d7      
,d5ial ( d$uction ,no d$uction %all be  
all[$ "u section #agj ) respect to any  
contribution = :i* cr$it is all[$ "u ?is
 section4  4  7b7 ,cr$it ,to be "p (    
g5]al bus9ess cr$it ,section #ch7;b7 ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by /rik+ plus at ! end ( p>agraph      
7#dj71 by /rik+ ! p]iod at ! end (      
p>agraph 7#da7 & ins]t+ 1 plus1 & by    
add+ at ! end ! foll[+ new p>agraph3    
7#db7 ! broadca/ /ation contribution    
cr$it det]m9$ "u section #de;,,bb7a74  4
  7c7 ,cl]ical am5dm5t ,! table (       
sections = subp>t ,d ( "p ,,iv (        
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#de;,,bb4 ,cr$it = c]ta9 contributions )
 respect to broadca/ /ations4  4  7d7   
,effective date ,! am5dm5ts made by ?is 
section %all apply to contributions made
 9 taxable ye>s beg9n+ aft] ! date ( !  
enactm5t ( ?is ,act4