VIDUALS.—Not later than 180 days after the date of en-
actment of this Act, and not less frequently than once 
every 2 years thereafter, the Commission shall submit to 
Congress a report that identifies the total number of 
broadcast stations that are owned by socially disadvan-
taged individuals, based on data reported to the Commis-
sion on Form 323 of the Commission. 
SEC. 5. TAX CERTIFICATE PROGRAM FOR BROADCAST STA-
TION TRANSACTIONS FURTHERING OWNER-
SHIP BY SOCIALLY DISADVANTAGED INDIVID-
UALS. 
(a) REQUIREMENTS FOR ISSUANCE OF CERTIFICATE 
BY FCC.— 
(1) IN GENERAL.—Part I of title III of the 
Communications Act of 1934 (47 U.S.C. 301 et 
seq.) is amended by adding at the end the following: 
‘‘SEC. 346. TAX CERTIFICATE PROGRAM FOR BROADCAST 
STATION TRANSACTIONS FURTHERING OWN-
ERSHIP BY SOCIALLY DISADVANTAGED INDI-
VIDUALS. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) OWNED BY SOCIALLY DISADVANTAGED IN-
DIVIDUALS.—The term ‘owned by socially disadvan-
taged individuals’ means, with respect to a broadcast 
station, that— 
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‘‘(A) the station is more than 50 percent 
(or some other percentage determined by the 
Commission) owned by 1 or more socially dis-
advantaged individuals, or, in the case of any 
publicly traded broadcast station, more than 50 
percent (or some other percentage determined 
by the Commission) of the securities of such 
station is owned by 1 or more socially disadvan-
taged individuals; and 
‘‘(B) the management and daily business 
operations of the station are controlled by 1 or 
more socially disadvantaged individuals. 
‘‘(2) SOCIALLY DISADVANTAGED INDIVIDUAL.— 
The 
term 
‘socially 
disadvantaged 
individual’ 
means— 
‘‘(A) a woman; or 
‘‘(B) an individual who has been subjected 
to racial or ethnic prejudice or cultural bias be-
cause of the identity of the individual as a 
member of a group, without regard to the indi-
vidual qualities of the individual. 
‘‘(b) ISSUANCE OF CERTIFICATE BY COMMISSION.— 
Subject to the rules adopted by the Commission under 
subsection (d), upon application by a person that engages 
in a sale described in subsection (c), the Commission shall 
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issue to that person a certificate stating that the sale 
meets the requirements of this section. 
‘‘(c) SALES DESCRIBED.—A sale described in this 
subsection is either of the following: 
‘‘(1) SALE RESULTING IN OR PRESERVING OWN-
ERSHIP
AND
CONTROL
BY
SOCIALLY
DISADVAN-
TAGED INDIVIDUALS.—A sale of an interest in a 
broadcast station if, immediately after the sale, the 
station is owned by socially disadvantaged individ-
uals, without regard to whether, before the sale, the 
station was owned by socially disadvantaged individ-
uals. 
‘‘(2) SALE BY INVESTOR IN STATION OWNED BY 
SOCIALLY
DISADVANTAGED
INDIVIDUALS.—In the 
case of a person that has contributed capital in ex-
change for an interest in a broadcast station that is 
owned by socially disadvantaged individuals, a sale 
by that person of some or all of that interest. 
‘‘(d) RULES.—The Commission shall adopt rules for 
the issuance of a certificate under subsection (b) that pro-
vide for the following: 
‘‘(1) LIMIT ON VALUE OF SALE.—A limit on the 
value of an interest the sale of which qualifies for 
the issuance of such a certificate, which shall be not 
greater than $50,000,000. 
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‘‘(2) MINIMUM HOLDING PERIOD.—In the case 
of a sale described in subsection (c)(1), a minimum 
period after the sale during which the broadcast sta-
tion shall remain owned by socially disadvantaged 
individuals, which shall be not shorter than 2 years 
and not longer than 3 years. 
‘‘(3) CUMULATIVE
LIMIT
ON
NUMBER
OR 
VALUE OF SALES.—A limit on the total number of 
sales per year or the total value of sales per year, 
or both, for which a person may be issued certifi-
cates under subsection (b). 
‘‘(4) PARTICIPATION IN STATION MANAGEMENT 
BY
SOCIALLY
DISADVANTAGED
INDIVIDUALS.—Re-
quirements for participation by socially disadvan-
taged individuals in the management of the broad-
cast station. 
‘‘(5) CERTIFICATION.— 
‘‘(A) IN GENERAL.—In the case of a sale 
described in subsection (c)(1), a requirement 
that the buyer of the interest in the broadcast 
station certify, every 180 days during the min-
imum holding period adopted under paragraph 
(2), compliance with the rules issued under that 
paragraph and paragraph (4). 
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‘‘(B) FAILURE TO COMPLY.—With respect 
to a failure to make a certification required 
under subparagraph (A), the Commission 
shall— 
‘‘(i) report the failure to the Commis-
sioner of Internal Revenue; and 
‘‘(ii) include the failure in the report 
to Congress submitted under subsection (e) 
that covers the period during which the 
failure occurred. 
‘‘(e) ANNUAL REPORT TO CONGRESS.—The Commis-
sion shall submit to Congress an annual report describing 
the sales for which certificates have been issued under sub-
section (b) during the period covered by the report.’’. 
(2) DEADLINE FOR ISSUANCE OF RULES.—Not 
later than 1 year after the date of enactment of this 
Act, the Commission shall issue rules to implement 
section 346 of the Communications Act of 1934, as 
added by paragraph (1). 
(3) REPORT TO CONGRESS ON PROGRAM EX-
PANSION.—Not later than 6 years after the date of 
enactment of this Act, the Commission shall submit 
to Congress a report regarding whether Congress 
should expand section 346 of the Communications 
Act of 1934, as added by paragraph (1), beyond 
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broadcast stations to cover other entities regulated 
by the Commission. 
(4) EXAMINATION AND REPORT TO CONGRESS 
ON
NEXUS
BETWEEN
DIVERSITY
OF
OWNERSHIP 
AND DIVERSITY OF VIEWPOINT.— 
(A) EXAMINATION.—Not later than 60 
days after the date of enactment of this Act, 
the Commission shall initiate an examination of 
whether there is a nexus between diversity of 
ownership or control of broadcast stations (in-
cluding ownership or control by members of mi-
nority groups or women, or by both members of 
minority groups and women) and diversity of 
the viewpoints expressed in the matter that is 
broadcast by broadcast stations. 
(B) REPORT
TO
CONGRESS.—Not later 
than 2 years after the date of enactment of this 
Act, the Commission shall submit to Congress 
a report on the findings of the Commission in 
the examination under subparagraph (A), in-
cluding supporting data. 
(b) NONRECOGNITION OF GAIN OR LOSS FOR TAX 
PURPOSES.— 
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(1) IN GENERAL.—Subchapter O of chapter 1 
of the Internal Revenue Code of 1986 is amended by 
inserting after part IV the following new part: 
‘‘PART V—SALE OF INTEREST IN CERTAIN 
BROADCAST STATIONS 
‘‘Sec. 1071. Nonrecognition of gain or loss from sale of interest in certain 
broadcast stations. 
‘‘SEC. 1071. NONRECOGNITION OF GAIN OR LOSS FROM 
SALE OF INTEREST IN CERTAIN BROADCAST 
STATIONS. 
‘‘(a) NONRECOGNITION OF GAIN OR LOSS.—If a sale 
of an interest in a broadcast station, within the meaning 
of section 346 of the Communications Act of 1934, is cer-
tified by the Federal Communications Commission under 
such section, such sale shall, if the taxpayer so elects, be 
treated as an involuntary conversion of such property 
within the meaning of section 1033. For purposes of such 
section as made applicable by the provisions of this sec-
tion, stock of a corporation operating a broadcast station 
shall be treated as property similar or related in service 
or use to the property so converted. The part of the gain, 
if any, on such sale to which section 1033 is not applied 
shall nevertheless not be recognized, if the taxpayer so 
elects, to the extent that it is applied to reduce the basis 
for determining gain or loss on any such sale, of a char-
acter subject to the allowance for depreciation under sec-
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tion 167, remaining in the hands of the taxpayer imme-
diately after the sale, or acquired in the same taxable year. 
The manner and amount of such reduction shall be deter-
mined under regulations prescribed by the Secretary. Any 
election made by the taxpayer under this section shall be 
made by a statement to that effect in his return for the 
taxable year in which the sale takes place, and such elec-
tion shall be binding for the taxable year and all subse-
quent taxable years. 
‘‘(b) MINIMUM HOLDING PERIOD; CONTINUED MAN-
AGEMENT.—If— 
‘‘(1) there is nonrecognition of gain or loss to 
a taxpayer under this section with respect to a sale 
of property (determined without regard to this para-
graph), and 
‘‘(2) the taxpayer ceases to fulfill any require-
ments of the rules adopted by the Federal Commu-
nications Commission under paragraph (2) or (4) of 
section 346(d) of the Communications Act of 1934 
(as such rules are in effect on the date of such sale), 
there shall be no nonrecognition of gain or loss under this 
section to the taxpayer with respect to such sale, except 
that any gain or loss recognized by the taxpayer by reason 
of this subsection shall be taken into account as of the 
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date on which the taxpayer so ceases to fulfill such re-
quirements. 
‘‘(c) BASIS.—For basis of property acquired on a sale 
treated as an involuntary conversion under subsection (a), 
see section 1033(b).’’. 
(2) CLERICAL
AMENDMENT.—The table of 
parts for subchapter O of chapter 1 of the Internal 
Revenue Code of 1986 is amended by inserting after 
the item relating to part IV the following new item: 
‘‘Part V. Sale of interest in certain broadcast stations.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to sales of interests 
in broadcast stations after the date that is 1 year after 
the date of enactment of this Act. 
(d) SUNSET.—The amendments made by this section 
shall not apply with respect to sales of interests in broad-
cast stations after the date that is 16 years after the date 
of enactment of this Act. 
SEC. 6. CREDIT FOR CERTAIN CONTRIBUTIONS WITH RE-
SPECT TO BROADCAST STATIONS. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
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‘‘SEC. 45BB. CREDIT FOR CERTAIN CONTRIBUTIONS WITH 
RESPECT TO BROADCAST STATIONS. 
‘‘(a) IN GENERAL.—For purposes of section 38, the 
broadcast station contribution credit determined under 
this section for any taxable year is an amount equal to 
the fair market value of any broadcast station, or any in-
terest in a broadcast station, which is contributed in a 
qualified contribution during such taxable year. 
‘‘(b) QUALIFIED CONTRIBUTION.—For purposes of 
this section— 
‘‘(1) IN
GENERAL.—The term ‘qualified con-
tribution’ means a contribution or gift to or for the 
use of an entity described in section 170(c)(2) which 
has as a part of its charitable purpose the training 
of socially disadvantaged individuals in the manage-
ment and operation of broadcast stations (as cer-
tified by the Federal Communications Commission), 
but only if the recipient holds such station or inter-
est for not less than 2 years after the date of the 
contribution. 
‘‘(2) SOCIALLY DISADVANTAGED INDIVIDUAL.— 
The term ‘socially disadvantaged individual’ has the 
meaning given such term in section 346(a)(2) of the 
Communications Act of 1934. 
‘‘(c) BROADCAST STATION.—For purposes of this 
section, the term ‘broadcast station’ has the same meaning 
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as when used in section 346 of the Communications Act 
of 1934. 
‘‘(d) DENIAL OF DEDUCTION.—No deduction shall be 
allowed under section 170 with respect to any contribution 
for which credit is allowed under this section.’’. 
(b) CREDIT TO BE PART OF GENERAL BUSINESS 
CREDIT.—Section 38(b) of the Internal Revenue Code of 
1986 is amended by striking ‘‘plus’’ at the end of para-
graph (40), by striking the period at the end of paragraph 
(41) and inserting ‘‘, plus’’, and by adding at the end the 
following new paragraph: 
‘‘(42) the broadcast station contribution credit 
determined under section 45BB(a).’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by add-
ing at the end the following new item: 
‘‘Sec. 45BB. Credit for certain contributions with respect to broadcast sta-
tions.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to contributions made in taxable 
years beginning after the date of the enactment of this 
Act. 
Æ 
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