WASHINGTON-Sens. John McCain (R-Ariz.) and Conrad Burns (R-Mont.) on Friday introduced legislation to foster ownership diversity in the telecommunications industry.
The bill would offer tax deferrals to firms that sell telecommunications properties to small businesses and then reinvest the proceeds in another telecommunications venture.
Firms also get a tax break in the bill for selling telecommunications assets to any purchaser and reinvesting sales proceeds in an eligible small business.
“As the telecommunications industry business undergoes its massive restructuring, we need to ensure that small businesses, particularly those owned by members of minority groups and by women, are not left behind,” said McCain, who chairs the Senate Commerce Committee.
In 1995, the GOP-led Congress eliminated tax breaks for telecom sales to minorities.
