PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Oct 21, 1999
Telecommunications Ownership Diversification Act of 1999 - Amends the Internal Revenue Code (IRC) to provide, at the election of a taxpayer, for the nonrecognition of gain on the sale of a telecommunications business if: (1) the business is sold to an eligible purchaser and the taxpayer purchases one or more telecommunications businesses within the "replacement period"; or (2) the taxpayer purchases, within such replacement period, one or more equity interests in an entity that is an eligible purchaser that either derives, directly or indirectly, 50 percent or more of its gross income from a telecommunications business or invests substantially all of the gross proceeds received from the taxpayer in the acquisition of a telecommunications business and the acquisition occurs within 180 days after the expiration of the taxpayer's replacement period. Sets forth related limitations, rules, and definitions, including the time for the assessment of a deficiency for taxpayers who made the election.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.Sets forth additional telecommunications-related provisions concerning: (1) depreciation; (2) losses on stock in telecommunications corporations; (3) the 50-percent exclusion for gain from certain small business stock; and (4) deferral of certain capital gains.Requires biennial audits and reports by the Comptroller General relating to the IRC amendments made by this Act.
People & committees
Sen. McCain, John [R-AZ] · R–AZ
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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