US SB2123

Requires the FCC to submit biennial reports to Congress with recommendations for increasing the number and value of broadcast stations owned by socially disadvantaged individuals (defined as women or individuals subjected to racial/ethnic prejudice)

Creates a tax certificate program allowing sellers of broadcast station interests to defer capital gains taxes when sales result in ownership by socially disadvantaged individuals, with a $50,000,000 cap per transaction and 2-3 year minimum holding period requirement

Establishes a new tax credit (Section 45BB) for contributions of broadcast stations or station interests to charitable organizations that train socially disadvantaged individuals in station management and operation

Cites 2023 data showing only 5% of commercial TV stations are women-owned, less than 4% are minority-owned, and less than 3% of FM radio stations are minority-owned

Includes a 16-year sunset provision for the tax certificate program and requires the FCC to examine the nexus between ownership diversity and viewpoint diversity within 2 years of enactment