McCain re-introduces media tax legislation

Sen. John McCain (R-Ariz.), chairman of the Senate Commerce Committee, is taking another try at a media tax relief bill he first introduced last year. The legislation would allow media companies to defer capital gains when they sell stations to minorities, women and small businesses.

The proposed bill, called the Telecommunications Ownership Diversification Act of 2003, got immediate support from FCC Chairman Michael Powell and NAB President Eddie Fritts.

"The time for rhetoric complaining about lack of opportunity in the communications sector has past," Powell said. "This legislation is a clear step in the right direction."

Fritts pledged NAB support in helping pass McCain's legislation. "It is our belief that ownership diversity is good for localism and good for the business of broadcasting," Fritts said.

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