BET Founder Robert Johnson is Proposing $30B Tax Incentives for Investors that Invest in Black Businesses

BET founder Robert James has proposed a tax incentives program for investors who support black-owned businesses. The new program would transform the way black businesses gain access to funding.

The Better Opportunity and Outcomes for Socially Disadvantaged Talent (BOOST) Act is based on the FCC Tax Certificate Policy which was created in the 1970s to increase minority ownership of media properties, PR Newswire reported.  

“The biggest challenge to racial equality in our nation is the glaring wealth chasm between Black and White American families,” said Johnson in a release. “To close that gap, there must be a commitment to finding a workable solution to the lack of capital in the Black community. The BOOST Act, if enacted by Congress through tax legislation and embraced by investors, would elevate Black and minority businesses into the wealth-building and wealth-accumulation economic system that is the principal driver of economic opportunity and achievement in our capitalistic economy.”

Johnson, who is also the founder of The RLJ Companies said the proposed program could serve as a response to the historic problem of access to capital for Black-owned businesses. Especially in a time as this when majority black-owned businesses and socially disadvantaged minorities have been hit hard by the long-lasting impact of the coronavirus pandemic.

Johnson said that long before the COVID-19 pandemic hit the U.S. economy, there was a need to incentivize investments in businesses owned by socially disadvantaged minorities. Many of these businesses have no opportunity to achieve long-term financial growth, create wealth, or even preserve jobs in their communities. This comes without substantial assistance from the federal government for these communities.

“Therefore, I urge Congress and The White House to quickly move to evaluate my legislative language for the enactment of the BOOST Act,” Johnson said. He added that he “fundamentally” believes that the Act is consistent with the Biden/Harris administration’s support for equity, therefore, merits the administration’s full support.

“Lastly, I hope that the American people will support the BOOST Act as a morally responsible and economically viable solution to help solve socioeconomic problems confronting this country,” he said.

About The RLJ Companies

The RLJ Companies, LLC, is an innovative business network that provides strategic investments in several strategic companies in its diverse portfolio. Robert. L. Johnson, who is the founder of the company holds interests in companies operating publicly traded hotel real estate investment trust (REIT); private equity 401k fintech solutions; automobile dealerships; content streaming, gaming and sports betting. Johnson is also the founder of Black Entertainment Television (BET). The RLJ Companies has its headquarters located in Bethesda, MD.