FCC mulls tax break scheme.
WASHINGTON Telecommunication companies could collect significant tax breaks by selling their media properties to minorities, women or fledgling entrepreneurs under a proposal outlined by the Federal Communications Commission.
FCC topper William Kennard announced last week he would like to resurrect the tax certificate program that would eliminate the capital gains tax for companies sold to minorities, women and even "smallscale entrepreneurs."
Congress eliminated a similar tax certificate program five years ago after legislators became concerned it was being abused by so-called minority front companies. But in a June 17 speech to the Citizen Education Fund, Kennard insisted safeguards could be created to protect against abuse. Among his proposals is a limit on the number of times a company can take advantage of the tax break.
"A new tax certificate program should level the playing field by allowing small businesses of all types to have the same tax advantages that large corporations have," Kennard said.
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For the week ending June 13
Show Rating/share The Tonight Show 4.0/13 With Jay Leno Late Show With 3.1/9 David Letterman Nightline 3.7/9 Politically Incorrect 2.3/7 DAYTIME Web Rating/share CBS 4.8/17 ABC 3.4/12 NBC 2.7/10 EARLY MORNING Show Rating/share Today 5.3/23 Good Morning America 3.2/14 This Morning 2.0/9 WEEKEND A.M. (kids 2-11) Web Rating/share Fox 2.1/13 WB 2.1/13 ABC 2.0/13 UPN 1.7/9 CBS 0.5/4 NBC 2.1/15(*)
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(*) teens 12-173