To amend the Internal Revenue Code of 1986 to exclude gain from the sale or exchange of the entire interest in a wholly owned rural incumbent local exchange carrier, and for other purposes.
Summary
What This Bill Does
The bill requires exclusion of gain from sale of rural incumbent local exchange carrier stock Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following, requires gain from sale of rural incumbent local exchange carrier stock Gross income shall not include gain from the sale or exchange of the entire interest in a wholly owned rural incumbent local exchange carrier, and requires recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock Subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part. It relies on definition changes, compliance mandates, product standards, and exemptions. The main policy areas are Agriculture and Technology.
Who Benefits and How
Telecommunications providers and users affected by the bill could face lower compliance burdens, Agricultural producers and rural communities affected by the bill could face lower compliance burdens, and Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Telecommunications providers and users affected by the bill would take on compliance duties, and Agricultural producers and rural communities affected by the bill would take on compliance duties.
Key Provisions
- Requires exclusion of gain from sale of rural incumbent local exchange carrier stock Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following...
- Requires gain from sale of rural incumbent local exchange carrier stock Gross income shall not include gain from the sale or exchange of the entire interest in a wholly owned rural incumbent local exchange carrier.
- Requires recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock Subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part...
- Requires recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock If a taxpayer acquired stock of a rural incumbent local exchange carrier in a sale or exchange described in section 139J...
- Creates rural communications investment tax credit Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after subsection 48E the following new section: 48F.Rural...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires exclusion of gain from sale of rural incumbent local exchange carrier stock Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following, requires gain from sale of rural incumbent local exchange carrier stock Gross income shall not include gain from the sale or exchange of the entire interest in a wholly owned rural incumbent local exchange carrier, and requires recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock Subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part.
Key Policy Areas
Agriculture, Technology
Primary Purpose
The bill requires exclusion of gain from sale of rural incumbent local exchange carrier stock Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 140 the following, requires gain from sale of rural incumbent local exchange carrier stock Gross income shall not include gain from the sale or exchange of the entire interest in a wholly owned rural incumbent local exchange carrier, and requires recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock Subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part.
Policy Domains
Whole bill
Identified Gains
- Telecommunications providers and users affected by the bill
- Agricultural producers and rural communities affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Telecommunications providers and users affected by the bill
- Agricultural producers and rural communities affected by the bill
- Lobbyists, political organizations, and disclosure users affected by the bill
- Public beneficiaries or protected communities affected by the clause
Legislative Progress
IntroducedMr. Ferguson introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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