II 

118TH CONGRESS 

2D SESSION S. 4158 

To direct the Federal Communications Commission to take certain actions 

to increase diversity of ownership in the broadcasting industry, and 

for other purposes. 

IN THE SENATE OF THE UNITED STATES 

APRIL 18, 2024 

Mr. PETERS (for himself, Ms. STABENOW, Ms. BALDWIN, Mr. SCHATZ, Mr. 

BLUMENTHAL, Ms. KLOBUCHAR, and Mr. CARDIN) introduced the following bill; which was read twice and referred to the Committee on Finance 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Broadcast Varied Own5 ership Incentives for Community Expanded Service Act’’ 

6 or the ‘‘Broadcast VOICES Act’’. 

7 SEC. 2. DEFINITIONS. 

8 In this Act: 


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1 (1) BROADCAST STATION.—The term ‘‘broad2 cast station’’ has the meaning given the term in sec3 tion 3 of the Communications Act of 1934 (47 

4 U.S.C. 153). 

5 (2) COMMISSION.—The term ‘‘Commission’’ 

6 means the Federal Communications Commission. 

7 (3) OWNED BY SOCIALLY DISADVANTAGED IN8 DIVIDUALS.—The term ‘‘owned by socially disadvan9 taged individuals’’ has the meaning given the term 

10 in section 346(a) of the Communications Act of 

11 1934, as added by section 5(a)(1) of this Act. 

12 SEC. 3. FINDINGS. 

13 Congress finds the following: 

14 (1) One of the main missions of the Commis15 sion, and a compelling governmental interest, is to 

16 ensure that there is a diversity of ownership and 

17 viewpoints in the broadcasting industry. 

18 (2) The Commission should continue to collect 

19 relevant data on the diversity described in paragraph 

20 (1), adopt improvements to that data collection and 

21 related studies, and make appropriate recommenda22 tions to Congress regarding how to increase the 

23 number of minority- and women-owned broadcast 

24 stations. 


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1 (3) Data from 2021 shows that, of the nearly 

2 1,760 full power commercial broadcast television sta3 tions in the United States, less than 6 percent are 

4 owned by women and less than 4 percent are minor5 ity-owned. With respect to full power commercial 

6 radio stations, women owned approximately 9 per7 cent of FM broadcast radio stations, and minorities 

8 owned less than 3 percent of those stations. 

9 (4) In the 17 years that a minority tax certifi10 cate program was in place at the Commission be11 tween 1978 and 1995, the Commission issued 287 

12 certificates for radio stations, and 40 certificates for 

13 television stations, under that program. 

14 SEC. 4. FCC REPORTS TO CONGRESS. 

15 (a) BIENNIAL REPORT CONTAINING RECOMMENDA16 TIONS FOR INCREASING NUMBER AND VALUE OF BROAD17 CAST STATIONS OWNED BY SOCIALLY DISADVANTAGED

18 INDIVIDUALS.—Not later than 180 days after the date of 

19 enactment of this Act, and not less frequently than once 

20 every 2 years thereafter, the Commission shall submit to 

21 Congress a report containing recommendations for how to 

22 increase the total number, and the value, of broadcast sta23 tions that are owned by socially disadvantaged individuals. 

24 (b) BIENNIAL REPORT ON NUMBER OF BROADCAST

25 STATIONS OWNED BY SOCIALLY DISADVANTAGED INDIVerDate Sep 11 2014 22:16 May 02, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4158.IS S4158

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1 VIDUALS.—Not later than 180 days after the date of en2 actment of this Act, and not less frequently than once 

3 every 2 years thereafter, the Commission shall submit to 

4 Congress a report that identifies the total number of 

5 broadcast stations that are owned by socially disadvan6 taged individuals, based on data reported to the Commis7 sion on Form 323 of the Commission. 

8 SEC. 5. TAX CERTIFICATE PROGRAM FOR BROADCAST STA9 TION TRANSACTIONS FURTHERING OWNER10 SHIP BY SOCIALLY DISADVANTAGED INDIVID11 UALS. 

12 (a) REQUIREMENTS FOR ISSUANCE OF CERTIFICATE

13 BY FCC.— 

14 (1) IN GENERAL.—Part I of title III of the 

15 Communications Act of 1934 (47 U.S.C. 301 et 

16 seq.) is amended by adding at the end the following: 

17 ‘‘SEC. 346. TAX CERTIFICATE PROGRAM FOR BROADCAST 

18 STATION TRANSACTIONS FURTHERING OWN19 ERSHIP BY SOCIALLY DISADVANTAGED INDI20 VIDUALS. 

21 ‘‘(a) DEFINITIONS.—In this section: 

22 ‘‘(1) OWNED BY SOCIALLY DISADVANTAGED IN23 DIVIDUALS.—The term ‘owned by socially disadvan24 taged individuals’ means, with respect to a broadcast 

25 station, that— 


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1 ‘‘(A) the station is more than 50 percent 

2 (or some other percentage determined by the 

3 Commission) owned by 1 or more socially dis4 advantaged individuals, or, in the case of any 

5 publicly traded broadcast station, more than 50 

6 percent (or some other percentage determined 

7 by the Commission) of the securities of such 

8 station is owned by 1 or more socially disadvan9 taged individuals; and 

10 ‘‘(B) the management and daily business 

11 operations of the station are controlled by 1 or 

12 more socially disadvantaged individuals. 

13 ‘‘(2) SOCIALLY DISADVANTAGED INDIVIDUAL.— 

14 The term ‘socially disadvantaged individual’ 

15 means— 

16 ‘‘(A) a woman; or 

17 ‘‘(B) an individual who has been subjected 

18 to racial or ethnic prejudice or cultural bias be19 cause of the identity of the individual as a 

20 member of a group, without regard to the indi21 vidual qualities of the individual. 

22 ‘‘(b) ISSUANCE OF CERTIFICATE BY COMMISSION.— 

23 Subject to the rules adopted by the Commission under 

24 subsection (d), upon application by a person that engages 

25 in a sale described in subsection (c), the Commission shall 


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1 issue to that person a certificate stating that the sale 

2 meets the requirements of this section. 

3 ‘‘(c) SALES DESCRIBED.—A sale described in this 

4 subsection is either of the following: 

5 ‘‘(1) SALE RESULTING IN OR PRESERVING OWN6 ERSHIP AND CONTROL BY SOCIALLY DISADVAN7 TAGED INDIVIDUALS.—A sale of an interest in a 

8 broadcast station if, immediately after the sale, the 

9 station is owned by socially disadvantaged individ10 uals, without regard to whether, before the sale, the 

11 station was owned by socially disadvantaged individ12 uals. 

13 ‘‘(2) SALE BY INVESTOR IN STATION OWNED BY

14 SOCIALLY DISADVANTAGED INDIVIDUALS.—In the 

15 case of a person that has contributed capital in ex16 change for an interest in a broadcast station that is 

17 owned by socially disadvantaged individuals, a sale 

18 by that person of some or all of that interest. 

19 ‘‘(d) RULES.—The Commission shall adopt rules for 

20 the issuance of a certificate under subsection (b) that pro21 vide for the following: 

22 ‘‘(1) LIMIT ON VALUE OF SALE.—A limit on the 

23 value of an interest the sale of which qualifies for 

24 the issuance of such a certificate, which shall be not 

25 greater than $50,000,000. 


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1 ‘‘(2) MINIMUM HOLDING PERIOD.—In the case 

2 of a sale described in subsection (c)(1), a minimum 

3 period after the sale during which the broadcast sta4 tion shall remain owned by socially disadvantaged 

5 individuals, which shall be not shorter than 2 years 

6 and not longer than 3 years. 

7 ‘‘(3) CUMULATIVE LIMIT ON NUMBER OR

8 VALUE OF SALES.—A limit on the total number of 

9 sales per year or the total value of sales per year, 

10 or both, for which a person may be issued certifi11 cates under subsection (b). 

12 ‘‘(4) PARTICIPATION IN STATION MANAGEMENT

13 BY SOCIALLY DISADVANTAGED INDIVIDUALS.—Re14 quirements for participation by socially disadvan15 taged individuals in the management of the broad16 cast station. 

17 ‘‘(5) CERTIFICATION.— 

18 ‘‘(A) IN GENERAL.—In the case of a sale 

19 described in subsection (c)(1), a requirement 

20 that the buyer of the interest in the broadcast 

21 station certify, every 180 days during the min22 imum holding period adopted under paragraph 

23 (2), compliance with the rules issued under that 

24 paragraph and paragraph (4). 


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1 ‘‘(B) FAILURE TO COMPLY.—With respect 

2 to a failure to make a certification required 

3 under subparagraph (A), the Commission 

4 shall— 

5 ‘‘(i) report the failure to the Commis6 sioner of Internal Revenue; and 

7 ‘‘(ii) include the failure in the report 

8 to Congress submitted under subsection (e) 

9 that covers the period during which the 

10 failure occurred. 

11 ‘‘(e) ANNUAL REPORT TO CONGRESS.—The Commis12 sion shall submit to Congress an annual report describing 

13 the sales for which certificates have been issued under sub14 section (b) during the period covered by the report.’’. 

15 (2) DEADLINE FOR ISSUANCE OF RULES.—Not 

16 later than 1 year after the date of enactment of this 

17 Act, the Commission shall issue rules to implement 

18 section 346 of the Communications Act of 1934, as 

19 added by paragraph (1). 

20 (3) REPORT TO CONGRESS ON PROGRAM EX21 PANSION.—Not later than 6 years after the date of 

22 enactment of this Act, the Commission shall submit 

23 to Congress a report regarding whether Congress 

24 should expand section 346 of the Communications 

25 Act of 1934, as added by paragraph (1), beyond 


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1 broadcast stations to cover other entities regulated 

2 by the Commission. 

3 (4) EXAMINATION AND REPORT TO CONGRESS

4 ON NEXUS BETWEEN DIVERSITY OF OWNERSHIP

5 AND DIVERSITY OF VIEWPOINT.— 

6 (A) EXAMINATION.—Not later than 60 

7 days after the date of enactment of this Act, 

8 the Commission shall initiate an examination of 

9 whether there is a nexus between diversity of 

10 ownership or control of broadcast stations (in11 cluding ownership or control by members of mi12 nority groups or women, or by both members of 

13 minority groups and women) and diversity of 

14 the viewpoints expressed in the matter that is 

15 broadcast by broadcast stations. 

16 (B) REPORT TO CONGRESS.—Not later 

17 than 2 years after the date of enactment of this 

18 Act, the Commission shall submit to Congress 

19 a report on the findings of the Commission in 

20 the examination under subparagraph (A), in21 cluding supporting data. 

22 (b) NONRECOGNITION OF GAIN OR LOSS FOR TAX

23 PURPOSES.— 


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1 (1) IN GENERAL.—Subchapter O of chapter 1 

2 of the Internal Revenue Code of 1986 is amended by 

3 inserting after part IV the following new part: 

4 ‘‘PART V—SALE OF INTEREST IN CERTAIN 

5 BROADCAST STATIONS 

6 ‘‘SEC. 1071. NONRECOGNITION OF GAIN OR LOSS FROM 

7 SALE OF INTEREST IN CERTAIN BROADCAST 

8 STATIONS. 

9 ‘‘(a) NONRECOGNITION OF GAIN OR LOSS.—If a sale 

10 of an interest in a broadcast station, within the meaning 

11 of section 346 of the Communications Act of 1934, is cer12 tified by the Federal Communications Commission under 

13 such section, such sale shall, if the taxpayer so elects, be 

14 treated as an involuntary conversion of such property 

15 within the meaning of section 1033. For purposes of such 

16 section as made applicable by the provisions of this sec17 tion, stock of a corporation operating a broadcast station 

18 shall be treated as property similar or related in service 

19 or use to the property so converted. The part of the gain, 

20 if any, on such sale to which section 1033 is not applied 

21 shall nevertheless not be recognized, if the taxpayer so 

22 elects, to the extent that it is applied to reduce the basis 

23 for determining gain or loss on any such sale, of a char24 acter subject to the allowance for depreciation under sec25 tion 167, remaining in the hands of the taxpayer immeVerDate Sep 11 2014 22:16 May 02, 2024 Jkt 049200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S4158.IS S4158

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1 diately after the sale, or acquired in the same taxable year. 

2 The manner and amount of such reduction shall be deter3 mined under regulations prescribed by the Secretary. Any 

4 election made by the taxpayer under this section shall be 

5 made by a statement to that effect in his return for the 

6 taxable year in which the sale takes place, and such elec7 tion shall be binding for the taxable year and all subse8 quent taxable years. 

9 ‘‘(b) MINIMUM HOLDING PERIOD; CONTINUED MAN10 AGEMENT.—If— 

11 ‘‘(1) there is nonrecognition of gain or loss to 

12 a taxpayer under this section with respect to a sale 

13 of property (determined without regard to this para14 graph), and 

15 ‘‘(2) the taxpayer ceases to fulfill any require16 ments of the rules adopted by the Federal Commu17 nications Commission under paragraph (2) or (4) of 

18 section 346(c) of the Communications Act of 1934 

19 (as such rules are in effect on the date of such sale), 

20 there shall be no nonrecognition of gain or loss under this 

21 section to the taxpayer with respect to such sale, except 

22 that any gain or loss recognized by the taxpayer by reason 

23 of this subsection shall be taken into account as of the 

24 date on which the taxpayer so ceases to fulfill such re25 quirements. 


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1 ‘‘(c) BASIS.—For basis of property acquired on a sale 

2 treated as an involuntary conversion under subsection (a), 

3 see section 1033(b).’’. 

4 (2) CLERICAL AMENDMENT.—The table of 

5 parts for subchapter O of chapter 1 of the Internal 

6 Revenue Code of 1986 is amended by inserting after 

7 the item related to part IV the following new part: 

‘‘PART V—SALE OF INTEREST IN CERTAIN BROADCAST STATIONS

‘‘Section 1071. Nonrecognition of gain or loss from sale of interest in certain 

broadcast stations.’’. 

8 (c) EFFECTIVE DATE.—The amendments made by 

9 this section shall apply with respect to sales of interests 

10 in broadcast stations after the date that is 1 year after 

11 the date of enactment of this Act. 

12 (d) SUNSET.—The amendments made by this section 

13 shall not apply with respect to sales of interests in broad14 cast stations after the date that is 16 years after the date 

15 of enactment of this Act. 

16 SEC. 6. CREDIT FOR CERTAIN CONTRIBUTIONS WITH RE17 SPECT TO BROADCAST STATIONS. 

18 (a) IN GENERAL.—Subpart D of part IV of sub19 chapter A of chapter 1 of the Internal Revenue Code of 

20 1986 is amended by adding at the end the following new 

21 section: 


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1 ‘‘SEC. 45BB. CREDIT FOR CERTAIN CONTRIBUTIONS WITH 

2 RESPECT TO BROADCAST STATIONS. 

3 ‘‘(a) IN GENERAL.—For purposes of section 38, the 

4 broadcast station contribution credit determined under 

5 this section for any taxable year is an amount equal to 

6 the fair market value of any broadcast station, or any in7 terest in a broadcast station, which is contributed in a 

8 qualified contribution during such taxable year. 

9 ‘‘(b) QUALIFIED CONTRIBUTION.—For purposes of 

10 this section— 

11 ‘‘(1) IN GENERAL.—The term ‘qualified con12 tribution’ means a contribution or gift to or for the 

13 use of an entity described in section 170(c)(2) which 

14 has as a part of its charitable purpose the training 

15 of socially disadvantaged individuals in the manage16 ment and operation of broadcast stations (as cer17 tified by the Federal Communications Commission), 

18 but only if the recipient holds such station or inter19 est for not less than 2 years after the date of the 

20 contribution. 

21 ‘‘(2) SOCIALLY DISADVANTAGED INDIVID22 UALS.—The term ‘socially disadvantaged individuals’ 

23 has the meaning given such term in section 

24 346(a)(2) of the Communications Act of 1934. 

25 ‘‘(c) BROADCAST STATION.—For purposes of this 

26 section, the term ‘broadcast station’ has the same meaning 


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1 as when used in section 346 of the Communications Act 

2 of 1934. 

3 ‘‘(d) DENIAL OF DEDUCTION.—No deduction shall be 

4 allowed under section 170 with respect to any contribution 

5 for which credit is allowed under this section.’’. 

6 (b) CREDIT TO BE PART OF GENERAL BUSINESS

7 CREDIT.—Section 38(b) of the Internal Revenue Code of 

8 1986 is amended by striking ‘‘plus’’ at the end of para9 graph (40), by striking the period at the end of paragraph 

10 (41) and inserting ‘‘, plus’’, and by adding at the end the 

11 following new paragraph: 

12 ‘‘(42) the broadcast station contribution credit 

13 determined under section 45BB(a).’’. 

14 (c) CLERICAL AMENDMENT.—The table of sections 

15 for subpart D of part IV of subchapter A of chapter 1 

16 of the Internal Revenue Code of 1986 is amended by add17 ing at the end the following new item: 

‘‘Sec. 45BB. Credit for certain contributions with respect to broadcast stations.’’. 

18 (d) EFFECTIVE DATE.—The amendments made by 

19 this section shall apply to contributions made in taxable 

20 years beginning after the date of the enactment of this 

21 Act. 

Æ 


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