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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 267 Introduced in Senate (IS)]

108th CONGRESS
  1st Session
                                 S. 267

To amend the Internal Revenue Code of 1986 to provide for a deferral of 
tax on gain from the sale of telecommunications businesses in specific 
circumstances or a tax credit and other incentives to promote diversity 
             of ownership in telecommunications businesses.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            January 30, 2003

  Mr. McCain introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL

 
To amend the Internal Revenue Code of 1986 to provide for a deferral of 
tax on gain from the sale of telecommunications businesses in specific 
circumstances or a tax credit and other incentives to promote diversity 
             of ownership in telecommunications businesses.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Telecommunications Ownership 
Diversification Act of 2003''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress makes the following findings:
            (1) Current trends in the telecommunications industry show 
        that there is increasing convergence among various media, 
        including broadcasting, cable television, and Internet-based 
        businesses, that provide news, information, and entertainment.
            (2) This convergence will continue, and therefore, 
        diversifying the ownership of telecommunications facilities 
        remains a preeminent public interest concern that should be 
        reflected in both telecommunications and tax policy.
            (3) A market-based, voluntary system of investment 
        incentives is an effective, lawful, and economically sound 
        means of facilitating entry and diversification of ownership in 
        the telecommunications industry.
            (4) Opportunities for new entrants to participate and grow 
        in the telecommunications industry have substantially decreased 
        since the end of the Federal Communications Commission's tax 
        certificate policy in 1995, particularly in light of the 
        availability of tax-free like-kind exchanges, despite the most 
        robust period of transfers of radio and television stations in 
        history. During this time, businesses owned or controlled by 
        socially disadvantaged individuals, including, but not limited 
        to, members of minority groups and women, have continued to be 
        underrepresented as owners of telecommunications facilities.
            (5) Businesses owned or controlled by socially 
        disadvantaged individuals are, and historically have been, 
        economically disadvantaged in the telecommunications industry. 
        For these businesses, access to and cost of capital are and 
        have been substantial obstacles to new entry and growth. 
        Consequently, diversification of ownership in the 
        telecommunications industry has been limited.
            (6) Telecommunications facilities owned by new entrants may 
        not be attractive to investors because their start-up costs are 
        often high, their revenue streams are uncertain, and their 
        profit margins are unknown.
            (7) It is consistent with the public interest and with the 
        pro-competition policies of the Telecommunications Act of 1996 
        to provide incentives that will facilitate investments in, and 
        acquisition of, telecommunications facilities by economically 
        and socially disadvantaged businesses, thereby diversifying the 
        ownership of telecommunications facilities.
            (8) Increased participation by economically and socially 
        disadvantaged businesses in the ownership of telecommunications 
        facilities will enhance competition in the telecommunications 
        industry. Permitting sellers of telecommunications facilities 
        to defer taxation of gains from transactions involving 
        economically and socially disadvantaged businesses, or certain 
        small businesses supported by investments from the 
        Telecommunications Development Fund that provides capital for 
        such businesses, will further the development of a competitive 
        and diverse United States telecommunications industry without 
        governmental intrusion in private investment decisions.
            (9) The public interest would not be served by attempts to 
        diversify the ownership of telecommunications businesses 
        through any approach that would involve the use of mandated 
        set-asides or quotas.
            (10) Today, the telecommunications industry is struggling 
        to survive one of its most troubling times. Therefore, 
        facilitating voluntary, pro-competitive transactions that will 
        promote ownership of telecommunications facilities by 
        economically and socially disadvantaged businesses and certain 
        small businesses will aid in providing the investment and 
        capital that is crucial to this sector.
    (b) Purpose.--The purpose of this Act is to facilitate voluntary, 
pro-competitive transactions that will promote ownership of 
telecommunications facilities by economically and socially 
disadvantaged businesses and certain small businesses.

 SEC. 3. NONRECOGNITION OF GAIN ON CERTAIN QUALIFIED SALES OF 
              TELECOMMUNICATIONS BUSINESSES.

    (a) In General.--Subchapter O of chapter 1 of the Internal Revenue 
Code of 1986 (relating to gain or loss on disposition of property) is 
amended by inserting after part IV the following new part:

        ``PART V--CERTAIN SALES OF TELECOMMUNICATIONS BUSINESSES

                              ``Sec. 1071. Nonrecognition of gain on 
                                        certain sales of 
                                        telecommunications businesses.

``SEC. 1071. NONRECOGNITION OF GAIN ON CERTAIN SALES OF 
              TELECOMMUNICATIONS BUSINESSES.

    ``(a) In General.--For purposes of this subtitle, if a taxpayer 
elects the application of this section to a qualified 
telecommunications sale, such sale shall be treated as an involuntary 
conversion of property within the meaning of section 1033.
    ``(b) Limitation on Amount of Gain on Which Tax May Be Deferred.--
            ``(1) In general.--The amount of gain on any qualified 
        telecommunications sale which is not recognized by reason of 
        this section--
                    ``(A) shall not exceed $250,000,000 per sale, and
                    ``(B) shall not exceed \1/3\ of such dollar amount 
                per taxable year.
            ``(2) Carryforwards of unused amounts.--If the amount of 
        gain on any qualified telecommunications sale which is not 
        recognized by reason of this section exceeds the limitation 
        imposed by paragraph (1)(B) for the taxable year, such excess 
        shall be carried to the succeeding taxable year and added to 
        the amount allowable under this section for such taxable year.
    ``(c) Qualified Telecommunications Sale.--For purposes of this 
section, the term `qualified telecommunications sale' means any sale to 
an eligible purchaser of--
            ``(1) the assets of a telecommunications business, or
            ``(2) stock in a corporation if, immediately after such 
        sale--
                    ``(A) the eligible purchaser controls (within the 
                meaning of section 368(c)) such corporation, and
                    ``(B) substantially all of the assets of such 
                corporation are assets of 1 or more telecommunications 
                businesses, or
            ``(3) an interest in a partnership if, immediately after 
        such sale--
                    ``(A) the eligible purchaser owns a partnership 
                interest possessing--
                            ``(i) at least 80 percent of the total 
                        combined voting power of all classes of 
                        partnership interests entitled to vote,
                            ``(ii) control over the management of the 
                        partnership,
                            ``(iii) at least 80 percent of the capital 
                        interests of the partnership, and
                            ``(iv) a distributive share of at least 80 
                        percent of each item of the partnership's 
                        income, gain, loss, deduction or credit, and
                    ``(B) substantially all of the assets of such 
                partnership are assets of 1 or more telecommunications 
                businesses.
    ``(d) Special Rules.--
            ``(1) In general.--In applying section 1033 for purposes of 
        subsection (a), stock of a corporation or an interest in a 
        partnership operating a telecommunications business, whether or 
        not representing control of such corporation or partnership, 
        shall be treated as property similar or related in service or 
        use to the property sold in the qualified telecommunications 
        sale.
            ``(2) Election to reduce basis rather than recognize 
        remainder of gain.--If--
                    ``(A) a taxpayer elects the treatment under 
                subsection (a) with respect to any qualified 
                telecommunications sale, and
                    ``(B) an amount of gain would (but for this 
                paragraph) be recognized on such sale under section 
                1033(a)(2)(A) in excess of the amount required to be 
                recognized by reason of subsection (b),
        then the amount of gain described in this subparagraph shall 
        not be recognized to the extent that the taxpayer elects to 
        reduce the basis of depreciable property (within the meaning of 
        section 1017(b)(3)) held by the taxpayer immediately after the 
        sale or acquired in the same taxable year. The manner and 
        amount of such reduction shall be determined under regulations 
        prescribed by the Secretary.
            ``(3) Basis.--For basis of property acquired on a sale or 
        exchange treated as an involuntary conversion under subsection 
        (a), see section 1033(b).
    ``(e) Recapture of Tax Benefit if Telecommunications Business 
Resold Within 3 Years, etc.--
            ``(1) In general.--If, within 3 years after the date of any 
        qualified telecommunications sale, there is a recapture event 
        with respect to the property involved in such sale, then the 
        purchaser's tax imposed by this chapter for the taxable year in 
        which such event occurs shall be increased by an amount equal 
        to the product of--
                    ``(A) the highest marginal rate of income tax 
                imposed on corporations under section 11, and
                    ``(B) the lesser of--
                            ``(i) the consideration furnished by the 
                        purchaser in such sale, or
                            ``(ii) the dollar amount specified in 
                        subsection (b)(1)(A).
            ``(2) Exception for reinvested amounts.--Paragraph (1) 
        shall not apply to any recapture event which is a sale if--
                    ``(A) the sale is a qualified telecommunications 
                sale, or
                    ``(B) during the 60-day period beginning on the 
                date of such sale, the taxpayer is the purchaser in 
another qualified telecommunications sale in which the consideration 
furnished by the taxpayer is not less than the amount realized on the 
recapture event sale.
            ``(3) Recapture event.--For purposes of this subsection, 
        the term `recapture event' means, with respect to any qualified 
        telecommunications sale--
                    ``(A) any sale or other disposition of the assets, 
                stock, or partnership interest referred to in 
                subsection (c) which were acquired by the taxpayer in 
                such sale, and
                    ``(B) in the case of a qualified telecommunications 
                sale described in paragraph (2) or (3) of subsection 
                (c)--
                            ``(i) any sale or other disposition of a 
                        telecommunications business by the corporation 
                        or partnership referred to in such subsection, 
                        or
                            ``(ii) any other transaction which results 
                        in the eligible purchaser ceasing to be an 
                        eligible purchaser, or ceasing to have control 
                        (as defined in subsection (c)(2)(A)) of such 
                        corporation or ownership of an interest in such 
                        partnership sufficient to satisfy the 
                        requirements of subsection (c)(3)(A).
    ``(f) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Eligible purchaser.--The term `eligible purchaser' 
        means--
                    ``(A) any economically and socially disadvantaged 
                business, or
                    ``(B) any corporation or partnership if immediately 
                following the purchase--
                            ``(i) substantially all the assets of such 
                        corporation or partnership are assets of 1 or 
                        more telecommunications businesses, and
                            ``(ii) the Telecommunications Development 
                        Fund established under section 714 of the 
                        Communications Act of 1934 (47 U.S.C. 614) or 
                        any wholly-owned affiliate of such Fund owns at 
                        least 5 percent of--
                                    ``(I) the stock in such 
                                corporation,
                                    ``(II) the partnership interest in 
                                such partnership, or
                                    ``(III) the indebtedness 
                                convertible into such stock or 
                                partnership interest.
            ``(2) Economically and socially disadvantaged business.--
        The term `economically and socially disadvantaged business' 
        means a person which is designated by the Secretary as an 
        economically and socially disadvantaged business based on a 
        determination that such person--
                    ``(A) meets the control requirements of paragraph 
                (6),
                    ``(B) will be a telecommunications business after 
                the purchase for which the eligibility determination is 
                sought, and
                    ``(C) before the purchase for which the eligibility 
                determination is sought does not have--
                            ``(i) attributable ownership interest in 
                        television broadcast stations having an 
                        aggregate national audience reach of more than 
                        5 percent as defined by the Federal 
                        Communications Commission under section 
                        73.3555(e)(2)(i) of title 47 of the Code of 
                        Federal Regulations as in effect on January 1, 
                        2001,
                            ``(ii) attributable ownership interest in--
                                    ``(I) more than 50 radio stations 
                                nationally, and
                                    ``(II) radio stations with a 
                                combined market share exceeding 10 
                                percent of radio advertising revenues 
                                in the relevant market as defined by 
                                the Federal Communications Commission, 
                                or
                            ``(iii) attributable ownership interest in 
                        any other telecommunications business having 
                        more than 5 percent of national subscribers of 
                        their respective service.
            ``(3) Relevant market.--The term `relevant market' means 
        the local radio market served by the radio station or stations 
        being purchased.
            ``(4) Telecommunications business.--The term 
        `telecommunications business' means a business which, as its 
        primary purpose, engages in electronic communications and is 
        regulated by the Federal Communications Commission pursuant to 
        the Communications Act of 1934, including a cable system (as 
        defined in section 602(7) of such Act (47 U.S.C. 522(7))), a 
        radio station (as defined in section 3(35) of such Act (47 
        U.S.C. 153(35))), a broadcasting station providing television 
        service (as defined in section 3(49) of such Act (47 U.S.C. 
        153(49))), a provider of direct broadcast satellite service (as 
        defined in section 335(b)(5)(A) of such Act (47 U.S.C. 
        335(b)(5)(A))), a provider of video programming (as defined in 
        section 602(20) of such Act (47 U.S.C. 522(20))), a provider of 
        commercial mobile services (as defined in section 332(d)(1) of 
        such Act (47 U.S.C. 332(d)(1))), a telecommunications carrier 
        (as defined in section 3(44) of such Act (47 U.S.C. 153(44))), 
        a provider of fixed satellite service, a reseller of the 
        communications service or commercial mobile service, or a 
        provider of multichannel multipoint distribution service.
            ``(5) Purchase.--A taxpayer shall be considered to have 
        purchased a property if, but for subsection (d)(2) and the 
        application of section 1033(b), the basis of the property would 
        be its cost within the meaning of section 1012.
            ``(6) Control.--
                    ``(A) Individuals.--For purposes of paragraph 
                (2)(A), an individual who meets the requirements of 
                paragraph (7) also meets the requirements of this 
                paragraph.
                    ``(B) Entities.--For purposes of paragraph (2)(A), 
                an entity meets the requirement of this paragraph if 
                the requirements of subparagraphs (C), (D), or (E) are 
                satisfied.
                    ``(C) 30-percent test.--The requirements of this 
                subparagraph are satisfied if--
                            ``(i) with respect to any entity which is a 
                        corporation, individuals who meet the 
                        requirements of paragraph (7) collectively own 
                        at least 30 percent in value of the outstanding 
                        stock of the corporation, and more than 50 
                        percent of the total combined voting power of 
                        all classes of stock entitled to vote of the 
                        corporation, and
                            ``(ii) with respect to any entity which is 
                        a partnership, individuals who meet the 
                        requirements of paragraph (7) collectively own 
                        at least 30 percent of the capital interests in 
                        the partnership, a distributive share of at 
                        least 30 percent of each item of the 
                        partnership's income, gain, loss, deduction, or 
                        credit, more than 50 percent of the total 
                        combined voting power of all partnership 
                        interests entitled to vote, and control over 
                        the management of the partnership.
                    ``(D) 15-percent test.--The requirements of this 
                subparagraph are satisfied if--
                            ``(i) with respect to any entity which is a 
                        corporation--
                                    ``(I) individuals who meet the 
                                requirements of paragraph (7) 
                                collectively own at least 15 percent in 
                                value of the outstanding stock of the 
                                corporation, and more than 50 percent 
                                of the total combined voting power of 
                                all classes of stock entitled to vote 
                                of the corporation, and
                                    ``(II) no other person owns more 
                                than 25 percent in value of the 
                                outstanding stock of the corporation, 
                                and
                            ``(ii) with respect to any entity which is 
                        a partnership--
                                    ``(I) individuals who meet the 
                                requirements of paragraph (7) 
                                collectively own at least 15 percent of 
                                the capital interests in the 
                                partnership, a distributive share of at 
                                least 15 percent of each item of the 
                                partnership's income, gain, loss, 
                                deduction, or credit, more than 50 
                                percent of the total combined voting 
                                power of all classes of partnership 
                                interests entitled to vote, and control 
                                over the management of the partnership, 
                                and
                                    ``(II) no other person owns more 
                                than 25 percent of the capital 
                                interests and profits interests in the 
                                partnership or a distributive share of 
                                more than 25 percent of any item of the 
                                partnership's income, gain, loss, 
                                deduction, or credit.
                    ``(E) Publicly-traded corporation test.--The 
                requirements of this subparagraph are satisfied if, 
                with respect to a corporation the securities of which 
                are traded on an established securities market, 
                individuals who meet the requirements of paragraph (7) 
                collectively own more than 50 percent of the total 
                combined voting power of all classes of stock entitled 
                to vote of the corporation.
                    ``(F) Restrictions on agreements concerning voting 
                of stock or partnership interests.--For purposes of 
                satisfying the requirements of subparagraph (C), (D), 
                or (E), the stock or partnership interest relied upon 
                to establish compliance shall not be subject to any 
                agreement, arrangement, or understanding which provides 
                for, or relates to, the voting of the stock or 
                partnership interest in any manner by, or at the 
                direction of, any person other than an eligible 
                individual who meets the requirements of paragraph (7), 
                or the right of any person other than 1 of those 
                individuals to acquire the voting power through 
                purchase of shares, partnership interests, or 
                otherwise.
                    ``(G) Constructive ownership.--In applying 
                subparagraphs (C), (D), (E), and (F), the constructive 
                ownership rules of section 318 shall apply, but only if 
                the interests for which constructive ownership is 
                claimed are not owned, directly or indirectly, by 
                individuals who do not meet the requirements of 
                paragraph (7).
            ``(7) Individuals.--An individual meets the requirements of 
        this paragraph if such individual is--
                    ``(A) a United States citizen, and
                    ``(B) a member of an economically or socially 
                disadvantaged class determined by the Secretary to be 
underrepresented in the ownership of the relevant telecommunications 
business.''.
    (b) Conforming Amendments.--
            (1) Sections 1245(b)(5) and 1250(d)(5) of the Internal 
        Revenue Code of 1986 are each amended--
                    (A) by inserting ``section 1071 (relating to 
                certain sales of telecommunications businesses) or'' 
                before section 1081'', and
                    (B) by inserting ``and 1071'' before ``1081'' in 
                the heading thereof.
            (2) The table of parts for subchapter O of chapter 1 of 
        such Code is amended by inserting after the item relating to 
        part IV the following new item:

``Part V. Certain sales of telecommunications businesses.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to elections made with respect to any sale on or after the date 
of the enactment of this Act.

 SEC. 4. TELECOMMUNICATIONS BUSINESS CREDIT.

    (a) In General.--Subpart E of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to rules for computing 
investment credit) is amended by inserting after section 48 the 
following new section:

``SEC. 48A. TELECOMMUNICATIONS BUSINESS CREDIT.

    ``For purposes of section 46, there is allowed as a credit against 
the tax imposed by this chapter for any taxable year an amount equal to 
10 percent of the taxable income of any taxpayer which at all times 
during such taxable year--
            ``(1) is a local exchange carrier (as defined in section 
        3(26) of the Communications Act of 1934 (47 U.S.C. 153(26))),
            ``(2) is not a Bell operating company (as defined in 
        section 3(4) of such Act (47 U.S.C. 153(4))), and
            ``(3) is headquartered in an area designated as an 
        empowerment zone by the Secretary of Housing and Urban 
        Development.''.
    (b) Transitional Rule.--Section 39(d) of the Internal Revenue Code 
of 1986 (relating to transitional rules) is amended by adding at the 
end the following new paragraph:
            ``(11) No carryback of section 48a credit before effective 
        date.--No portion of the unused business credit for any taxable 
        year which is attributable to the telecommunications business 
        credit determined under section 48A may be carried back to a 
        taxable year ending on or before the date of the enactment of 
        section 48A.''.
    (c) Conforming Amendments.--
            (1) Section 46 of the Internal Revenue Code of 1986 
        (relating to amount of credit) is amended by striking ``and'' 
        at the end of paragraph (2), by striking the period at the end 
        of paragraph (3) and inserting ``, and'', and by adding at the 
        end the following new paragraph:
            ``(4) the telecommunications business credit.''.
            (2) The table of sections for subpart E of part IV of 
        subchapter A of chapter 1 of such Code is amended by inserting 
        after the item relating to section 48 the following new item:

``48A. Telecommunications business credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 5. EXCLUSION OF 50 PERCENT OF GAIN.

    (a) In General.--Section 1202 of the Internal Revenue Code of 1986 
(relating to partial exclusion for gain from certain small business 
stock) is amended--
            (1) by adding at the end of subsection (a) the following 
        new paragraph:
            ``(3) Certain telecommunications investments by 
        corporations and investment companies.--Gross income shall not 
        include 50 percent of any gain from the sale or exchange of 
        stock in an eligible purchaser (as defined in section 
        1071(f)(1)), engaged in a telecommunications business (as 
        defined in section 1071(f)(4)) held for more than 5 years.'',
            (2) by striking subparagraphs (A) and (B) of subsection 
        (b)(1) and inserting the following new subparagraphs:
                    ``(A) in the case of gain from the sale or exchange 
                of qualified small business stock held for more than 5 
                years--
                            ``(i) $10,000,000 reduced by the aggregate 
                        amount of eligible gain taken into account by 
                        the taxpayer under subsection (a) for prior 
                        taxable years attributable to dispositions of 
                        stock issued by such corporation, or
                            ``(ii) 10 times the aggregate adjusted 
                        bases of qualified small business stock issued 
                        by such corporation and disposed of by the 
                        taxpayer during the taxable year, and
                    ``(B) in the case of gain from the sale or exchange 
                of stock in an eligible purchaser engaged in a 
                telecommunications business for more than 5 years--
                            ``(i) $20,000,000 reduced by the aggregate 
                        amount of eligible gain taken into account by 
                        the taxpayer under subsection (a) for prior 
                        taxable years attributable to dispositions of 
                        stock issued by an eligible purchaser engaged 
                        in a telecommunications business, or
                            ``(ii) 15 times the aggregate adjusted 
                        bases of stock of an eligible purchaser engaged 
                        in a telecommunications business issued by such 
                        eligible purchaser and disposed of by the 
                        taxpayer during the taxable year.'',
            (3) by striking ``subparagraph (B)'' in the last sentence 
        of subsection (b)(1) and inserting ``subparagraphs (A)(ii) and 
        (B)(ii)'',
            (4) by striking ``years.'' in subsection (b)(2) and 
        inserting ``years or any gain from the sale or exchange of 
        stock in an eligible purchaser engaged in a telecommunications 
        business held for more than 5 years.'', and
            (5) by striking the period at the end of subsection 
        (b)(3)(A) and inserting ``, and paragraph (1)(B) shall be 
        applied by substituting `$10,000,000' for `$20,000,000'.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to sales on or after the date of the enactment of this Act.

 SEC. 6. TECHNICAL AND CONFORMING AMENDMENTS; REGULATIONS.

    (a) Technical and Conforming Amendments.--The Secretary of the 
Treasury shall, not later than 150 days after the date of the enactment 
of this Act, submit to the Committee on Ways and Means of the House of 
Representatives and the Committee on Finance of the Senate, a draft of 
any technical and conforming amendments of the Internal Revenue Code of 
1986 which are necessary to reflect throughout such Code the amendments 
made by this Act.
    (b) Regulations.--The Secretary of the Treasury, in consultation 
with the Federal Communications Commission, shall promulgate 
regulations to implement the amendments made by this Act not later than 
90 days after the date of the enactment of this Act. The regulations 
shall provide for the determination by the Secretary of the Treasury as 
to whether an applicant is an ``eligible purchaser'' as defined in 
section 1071(f) of the Internal Revenue Code of 1986 (as added by 
section 3(a)). The regulations shall further provide that such 
determinations of eligibility shall be made not later than 45 calendar 
days after an application is filed with the Secretary of the Treasury. 
The regulations implementing section 1071(f)(7) of such Code (as added 
by section 3) shall be updated on an ongoing basis not less frequently 
than every 5 years.

 SEC. 7. BIENNIAL PROGRAM AUDITS BY GAO.

    Not later than January 1, 2005, and not later than 2 years 
thereafter, the Comptroller General of the United States shall audit 
the administration of the sections of the Internal Revenue Code of 1986 
added or amended by this Act, and issue a report on the results of that 
audit. The Comptroller General shall include in the report, 
notwithstanding any provision of section 6103 of the Internal Revenue 
Code of 1986 to the contrary--
            (1) a list of eligible purchasers (as defined in section 
        1071(f)(1) of such Code) and any other taxpayer receiving a 
        benefit from the operation of section 48A or 1202 of such Code 
        as such section was added or amended by this Act, and
            (2) an assessment of the effect the amendments made by this 
        Act have on increasing new entry and growth in the 
        telecommunications industry by economically and socially 
        disadvantaged businesses, and the effect of this Act on 
        enhancing the competitiveness of the telecommunications 
        industry.
                                 <all>
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