Menendez Introduces Bill To Bring Back Tax Certificates
August 5, 2008 at 1:09 PM (PT)
Sen. ROBERT MENENDEZ (D-NJ) has introduced a bill to restore the tax certificate for sales of telecommunications properties -- including broadcast stations -- to "socially disadvantaged businesses," such as minority- and female-owned entities. The bill would provide $350 million over six years for the program, which would allow the seller to defer capital gains taxes covered by the certificate for three years or to reduce the basis of any property already held by the seller or purchased within one year after the transaction by that amount.
"This is a very effective way to promote diversity of voices and increase competition in the telecommunications industry. I support diversity in media ownership because it provides a window into communities, languages, views, and values that might not otherwise be heard without these outlets," said Sen. MENENDEZ. "Unfortunately, we see major news outlets airing too many sensationalist stories on outlandish topics, such as immigrants with leprosy, black street gangs or Mexican plots to re-conquer the UNITED STATES. Americans should be able to flip to stations where we can hear about Asian-American CEOs revolutionizing their industries, African-American doctors saving lives, and Hispanic soldiers, many of whom are not yet citizens, bravely fighting overseas under the flag of the country they’re proud to call their own.
"When we talk about minority-run outlets, we’re not just talking about broadcasters, we’re talking about advocates —- advocates our communities depend on."