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Powell Applauds McCain’s Ownership Bill

Powell Applauds McCain's Ownership Bill

Senator John McCain has re-introduced introduced legislation that uses a tax-based incentive system, designed to encourage and facilitate new entry, including entry by women and minorities, into the telecommunications industry.
FCC Chairman Michael Powell supports the effort: “This legislation is well crafted and much needed. Like him, I believe it is essential that we promote greater inclusiveness in our media and communications delivery sectors.”
“The time for rhetoric complaining about lack of opportunity in the communications sector has past. It is time for action.”
The bill would institute market-based, voluntary measures designed to achieve this goal. It would provide sellers of telecommunications assets a tax deferral when those assets are bought for cash by certain small businesses. It also would provide investors an incentive to consider certain small businesses by providing a reduction in the tax on gains from investment in these companies.