To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage diversity of ownership of telecommunications businesses, and for other purposes.

Amends the Internal Revenue Code to treat as an involuntary conversion, and to not recognize gain of up to $75 million, qualified communications sales. Limits such sales to, among other limitations, businesses owning a qualified interest in 20 or fewer broadcast stations and with specified asset limitations.

Authorizes Small Business Administration loan guarantees for such sales.