NYSBA Supports Legislation Reinstating the Minority Ownership Tax Certificate Policy

NYSBA, along with other state broadcast associations, has filed a letter with the House and Senate supporting the Expanding Broadcast Opportunities Act of 2021 in both the House (H.R. 4871) and the Senate (S.2456). The previous minority tax certificate program offers a tax break (deferral of capital gains taxes) to entities that sell their broadcast facilities to minority owned companies. It ran into constitutional problems years ago.   The new legislation the previous by reinstating the minority tax certificate program for “socially disadvantaged” entities.  It also requires these entities to keep ownership of the facility for three years.

In the letter, we noted:

“Broadcasters provide an invaluable resource to all communities, serving as a local and trusted source for news and information across the country. Our strength is in our ability to cover diverse community experiences and tell stories from an authentic perspective. The tax certificate program will help us build a local media landscape that reflects our communities on the air, both in the control booth and boardroom. Additionally, the Expanding Broadcast Ownership Opportunities Act of 2021 and the Broadcast VOICES Act will help with building a pipeline for a new generation of broadcast station owners that is inclusive of women, people of color and other underrepresented individuals. We therefore urge Congress to act swiftly and pass H.R. 4871 and S. 2456 to make sure that all voices are accurately represented in the broadcasting industry.”

To see a copy of the letter click HERE.

To see a copy of the legislation click HERE.

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