legislation: 107-s-3112

Congressional bills and resolutions from Congress.gov, filtered to policy areas relevant to environmental, health, agriculture, and wildlife regulation.

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
107-s-3112 107 s 3112 Telecommunications Ownership Diversification Act of 2002 Taxation 2002-10-15 2002-10-15 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S10447-10449) Senate Sen. McCain, John [R-AZ] AZ R M000303 0 Telecommunications Ownership Diversification Act of 2002 - Amends the Internal Revenue Code to provide for the nonrecognition of certain gain on the sale of a telecommunications business to an eligible purchaser meeting certain requirements, including requiring that such purchaser be an economically and socially disadvantaged business.Allows a limited credit for a taxpayer that at all times during that taxable year: (1) is a local exchange carrier; (2) is not a Bell operating company; and (3) is headquartered in an area designated as an empowerment zone.Excludes from gross income 50 percent of any gain from the sale or exchange of stock in an eligible purchaser that is an economically and socially disadvantaged business.Directs the Comptroller General to audit and report on the effect of the amendments of this Act. 2025-08-19T17:29:21Z  

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