Congressman Bobby Rush

Representing the 1st District of Illinois
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U.S. Rep. Bobby Rush Introduces Telecommunications Ownership Diversification Act of 2003 (HR 2044)

May 9, 2003
Press Release

Washington, DC ---- Congressman Bobby L. Rush (D-IL.) introduced the "Telecommunications Ownership Diversification Act of 2003" (HR: 2044) today. The bill would make minor changes to the existing tax code, so that individuals who are currently under represented in the ownership of telecommunications companies would be able to compete on an equal footing with large companies. The bill institutes market-based, voluntary measures designed to achieve a set minority-ownership goal.

"This bill would level the playing field," said Congressman Rush, "so that economically disadvantaged businesses owners could enter the communications field. Minority and economically disadvantaged business owners have been absent from the telecommunications revolution. There are many factors attributed to this lack of participation," Cong. Rush continued, "but chief among them is the lack of capital. My bill would remedy this problem by making minor changes to the existing tax code, so that individuals who are currently under-represented in the ownership of telecommunications companies are able to compete on an equal footing with large companies.

It provides sellers of telecommunications assets a tax deferral when those assets are bought for cash by certain small businesses."

This bill also provides investors with an incentive to consider certain small businesses by providing a reduction in the tax on gains from investment in these companies.

For a copy of the bill, original co-sponsors and/or full text of Congressman Rush's Congressional Remarks, please call 773/224.6500.