HR 119hr3879ih – Equality in Media Ownership Act

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HR 119hr3879ih – Equality in Media Ownership Act

Direct Link: https://www.govinfo.gov/app/details/BILLS-119hr3879ih

Summary

This blog post summarizes the Equality in Media Ownership Act, HR 119hr3879ih. The bill aims to promote diversity and inclusion in media ownership by ensuring that socially disadvantaged individuals have equal access to broadcast stations.

Key Provisions

Section 1: Short Title
Section 2. Congressional Findings and Purpose
Section 3. Definitions
Section 4. Qualifying Contribution
Section 5. Tax Credit for Qualified Contributions

Section 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 interest in a broadcast station, which is contributed in a qualified contribution during such taxable year.

(b) QUALIFIED CONTRIBUTION – For purposes of this section

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 management and operation of broadcast stations (as certified by the Federal Communications Commission), but only if the recipient holds such station or interest for not less than 2 years after the date of the contribution.

For purposes of this section, the term ‘broadcast station’ has the same meaning as when used in section 346 of the Communications Act of 1934.

Section 6: Credit for Certain Contributions with Respect to Broadcast Stations

(a) IN GENERAL – Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

45BB. Credit for Certain Contributions with Respect to Broadcast Stations

The broadcast station contribution credit determined under section 45BB(a).

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 adding at the end the following new item:

Sec. 45BB. Credit for Certain Contributions with Respect to Broadcast Stations.