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The minority tax certificate is back in the news with revised bills being introduced in both the House of Representatives and the Senate.  We wrote about a version of this bill introduced in the last session of Congress here.  The tax certificate offers perhaps the most meaningful route to increasing diversity in broadcast ownership.  While the certificate was abolished by Congress over 25 years ago, these new bills signaling the potential for its revival merits another examination of what this policy did and why it was effective, and what is now being proposed.

The minority tax certificate was a program designed to provide broadcasters with an economic incentive to sell their stations to minority owners.  Rather than directly subsidizing the potential owners, the certificate instead gave a tax break to sellers of broadcast stations that incentivized them to sell to a minority-owned business even if there were multiple bidders for their properties.  If the seller sold its station to a minority-owned business, the seller could take the proceeds from the sale and roll those proceeds over into a new media property without recognizing the taxable gain from the sale.  Unlike the typical like-kind exchange where the roll-over into a new property has to proceed within a few months of the sale, the tax certificate treated the sale as an involuntary sale (like the sale of a property because of a government’s exercise of eminent domain) under Section 1033 of the tax code, giving the seller several years to roll the proceeds over into a new purchase.  At that point, the new property would have the same tax basis as the old – meaning that no gain would be recognized until the sale of the new property.  In the closing decades of the last century, this policy spurred many sales to minority-controlled companies by broadcasters looking not to get out of the business, but instead looking to realign their holdings or to move up into larger markets.  Several hundred radio and TV stations were purchased under this program in the last 20 years of the program’s existence.  Why was this seemingly successful program abandoned?
Continue Reading Bills Introduced to Bring Back Tax Certificate to Foster Diversity in Broadcast Ownership – Exploring the Proposals

Here are some of the regulatory developments of significance to broadcasters from the last week, with links to where you can go to find more information as to how these actions may affect your operations.

  • The FCC and FEMA conducted their annual Nationwide Test of the EAS system on Wednesday, August 11. All broadcasters should

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The FCC yesterday issued a Public Notice reminding all full-power and Class A TV stations that were repacked in Phases 1 through 5 of the post-incentive auction repacking of the TV band (and repacked stations that were granted permission to transition prior to Phase 1) that they must submit all remaining invoices for reimbursement from…

Here are some of the regulatory developments of significance to broadcasters from the last week, with links to where you can go to find more information as to how these actions may affect your operations.

  • The FCC wants to refresh the record on its collection of information about the race and gender of broadcast employees.

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While the regulatory deadlines in August may be a bit lighter than other months, there are still several important regulatory dates to keep track of, some of which are detailed below.  All broadcasters should have August 11 circled and highlighted on their calendars as the date of the next National EAS Test.  And there are renewal and EEO deadlines, as well as several comment dates on FCC regulatory proposals.

After skipping last year’s annual test due to the pandemic, FEMA and the FCC chose August 11 to hold this year’s National EAS Test.  All broadcasters should work with their engineers and technical staff to make sure their EAS equipment is operating properly and is set to monitoring the stations that they are required to monitor by their state EAS plan.  By the day after the test, August 12, broadcasters must file Form Two in the EAS Test Reporting System (ETRS) portal with “day of test” information.  Then, by September 27, broadcasters must file in ETRS Form Three with detailed post-test data.  The information shared with FEMA and the FCC allows them to determine the successes and failures of the test.
Continue Reading August Regulatory Dates for Broadcasters: National EAS Test, License Renewals, EEO Reporting, Political Broadcasting Rules Proposals, Media Ownership Comments, Annual Regulatory Fees, and More

Here are some of the regulatory developments of significance to broadcasters from the last week, with links to where you can go to find more information as to how these actions may affect your operations.

  • The four television network affiliates groups have asked the FCC to clarify its new rules for sponsorship identification of programming

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Here are some of the regulatory developments of significance to broadcasters from the last week, with links to where you can go to find more information as to how these actions may affect your operations.

  • The FCC’s Video Division of its Media Bureau has begun to release decisions on TV license renewal applications filed in

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Here are some of the regulatory developments of significance to broadcasters from the last week, with links to where you can go to find more information as to how these actions may affect your operations.

  • This week all but ends analog television operations in the US. The FCC’s Media Bureau reminded all low power television

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Here are some of the regulatory developments of significance to broadcasters from the last week, with links to where you can go to find more information as to how these actions may affect your operations.

  • The FCC this week reminded television broadcasters of their obligation to make televised emergency information accessible to persons with disabilities.

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