H.R.1050: To amend the Internal Revenue Code of 1986 to allow credits against income tax for an owner of a radio broadcasting station which donates the license and other assets of such station to a nonprofit corporation for purposes of supporting nonprofit fine arts and performing arts organizations, and for other purposes.

Amends the Internal Revenue Code to allow income tax credits to the owner of a commercial radio station donating the station's license and other assets (a 125 percent credit for the license and a 100 percent credit for the assets) to a tax-exempt organization which agrees to operate the radio broadcasting station being donated to it as a for-profit venture, with profits dedicated to the support of non-profit fine arts and performing arts...

(Source: Library of Congress)