Cultural Radio Tax Credit Act of 2005

Cultural Radio Tax Credit Act of 2005 - Amends the Internal Revenue Code to allow a business tax credit for 125 percent of the fair market value of a radio broadcasting commercial license and 100 percent of the fair market value of radio station assets donated to a tax-exempt organization which agrees to operate the station on a for-profit basis and to donate operational profits to support nonprofit fine arts and performing arts organizations in its service area.