Enhanced Enterprise Zones Act of 1993

Summary

TABLE OF CONTENTS: Title I: Urban Tax Enterprise Zones and Rural Development Investment Zones Subtitle A: Designation and Tax Incentives Subtitle B: Redevelopment Bonds for Tax Enterprise Zones Subtitle C: Credit for Contributions to Certain Community Development corporations Subtitle D: Indian employment and Investment Subtitle E: Study Title II: Authorization for Additional Assistance to Distressed Communities Subtitle A: National Public-Private Partnership Programs Subtitle B: Block Grant Funding for Eligible Programs Subtitle C: Other Programs Enhanced Enterprise Zones Act of 1993 - Title I: Urban Tax Enterprise Zones and Rural Development Investment Zones - Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; (2) promote meaningful employment for zone residents; and (3) encourage individuals to reside in the zones in which they are employed. Subtitle A: Designation and Tax Incentives - Amends the Internal Revenue Code to provide for the designation of tax enterprise zones during calendar years after 1992 and before 1997: (1) by the Secretary of Housing and Urban Development, in the case of an urban tax enterprise zone; and (2) by the Secretary of Agriculture, in consultation with the Secretary of Commerce, in the case of a rural development investment zone. Sets forth the eligibility criteria for such designation for urban tax enterprise zones and for rural development investment zones. Allows an enterprise zone employment credit to small employers as a general business credit of 15 percent of the qualified zone wages. Allows a deduction for the purchase of enterprise zone stock paid in cash. Excludes from gross income 50 percent of qualified capital gain recognized on the sale or exchange of a new qualified zone asset held for more than five years. Subtitle B: Redevelopment Bonds for Tax Enterprise Zones - Sets forth special rules for tax-exempt redevelopment bonds which provide financing for tax enterprise zones for the first 60-month period after a zone is so designated. Subtitle C: Credit for Contributions to Certain Community Development Corporations - Allows a general business tax credit for contributions to selected community development corporations to provide employment of, and business opportunities for, low-income individuals who are residents of the operational area of the community. Subtitle D: Indian Employment and Investment - Amends the Internal Revenue Code to establish an Indian reservation credit as a tax credit for investment in qualified Indian reservation property. Allows businesses an employment credit of ten percent (30 percent in the case of an employer with an least 85 percent Indian employees) of the sum of the qualified wages and qualified employee health insurance costs paid or incurred during a taxable year. Subtitle E: Study - Requires the Secretary of the Treasury, in consultation with the appropriate Secretary, to contract with the National Academy of Sciences to report to the House Committee on Ways and Means and the Senate Committee on Finance on the effectiveness of the incentives provided by this subtitle in achieving its purposes. Title II: Authorization for Additional Assistance to Distressed Communities - Subtitle A: National Public-Private Partnership Programs - Expresses the sense of the Congress that public-private partnerships between government and community-based organizations offer an opportunity to empower residents of low-income distressed communities and to forge innovative solutions to the challenges confronting these communities, and that increased resources should be invested in such partnerships. Authorizes appropriations to promote certain national public-private partnerships for FY 1993 through 2002. Specifies amounts to be available only for projects or activities that directly and principally benefit the residents of tax enterprise zones. Subtitle B: Block Grant Funding for Eligible Programs - Authorizes appropriations for FY 1993 through 2002 for urban enterprise zones and rural development investment zones. Provides for the allocation and use of such amounts for carrying out selected programs within such zones. Specifies the eligible programs in the areas of: (1) crime and criminal justice; (2) job training; (3) education; (4) health and nutrition; and (5) housing and community development. Sets forth requirements for applying for funding. Establishes an interagency council to provide administrative assistance for functions under this title. Requires the council, one year after enactment of this Act, to report to the Congress on: (1) any alternative methods or systems for allocation of amounts made available for enterprise zones; and (2) any problems experienced in the implementation and administration of this subtitle. Subtitle C: Other Programs - Amends the Housing and Community Development Act of 1974 to waive the cap on assistance under the community development block grant program for units of general local government located within or containing an urban tax enterprise zone. Authorizes the Secretary of Housing and Urban Development to make loan guarantees for such units of local government for development activities. Amends the Job Training Partnership Act of establish the youth adult employment demonstration program to assist young adults with education, job training, and employment services in tax enterprise zones. National Community Economic Partnership Act of 1992 - Authorizes the Secretary of HHS to provide nonrefundable lines of credit to community development corporations for the establishment, maintenance or expansion of revolving loan funds to be utilized to finance projects intended to provide business and employment opportunities for low-income, unemployed, or underemployed individuals and to improve the quality of life in urban and rural areas. Provides assistance to community development corporations to upgrade the management and operating capacity of such corporations and to enhance the resources available to enable such corporations to increase their community economic development activities. Requires the Secretary to award grants to organziations to enable them to undertake programs involving research, testing, studies or demonstrations related to community economic development. Directs the Secretary to develop and promulgate joint community development activity programs with other agencies. Enterpise Capital Access Fund Demonstration Program - Establishes a demonstration program to provide loans and technical assistance grants to nonprofit financial intermediaries in order to finance business and employment opportunities, low-income housing opportunities, and neighborhood revitalization projects. Establishes within HUD an Office of Community Banking to carry out this title. Directs the Secretary of Labor, in consultation with the Secretary of Transportation, to establish a Reverse Commuting Demonstration Program to test the effects of assisting residents of poor inner-city areas to commute to job sites in other areas of the city or surrounding suburbs.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 January 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 January 1993

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• Introduced in Senate

  summary · EN · 21 January 1993

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