Rural Development Investment Zone Act of 1989 - Title I: Designation of Rural Development Investment Zones - Amends the Internal Revenue Code to authorize the Secretary of the Treasury to designate rural development investment zones for purposes of providing tax and regulatory relief and improving local services. Limits choices to areas nominated by States and local governments. Limits the total number of areas that may be designated, and the time period of the designation.
Authorizes the Secretary to designate an investment zone only if the area meets certain locational, demographic, unemployment, and poverty criteria. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action that may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, and providing job training to area residents.
Describes areas to which the Secretary must give preference in selecting areas for designation.
Requires the Secretary to report to the Congress every four years on the effects of such investment zones' designation in accomplishing the purposes of this Act.
Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers - Allows employers located in investment zones a nonrefundable income tax credit for qualified increased employment expenditures.
Subtitle B: Credits for Investment in Tangible Property in Rural Development Investment Zones - Allows businesses an additional investment tax credit for investments made in certain investment zone construction property. Limits the credit to ten percent for new property, including rental property. Requires the recapture of credit amounts upon the early disposition of the property.
Title III: Establishment of Foreign-Trade Zones in Rural Development Investment Zones - Requires the Foreign-Trade Zone Board to consider on a priority basis and to expedite the processing of applications for the establishment of foreign-trade zones within investment zones. Requires the Secretary to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones.
Title IV: Responsibilities of Federal Agencies in Rural Development Investment Zones; Regulatory Flexibility - Requires Federal agencies to seek to provide special assistance to designated rural development investment zones.
Amends Federal law to revise "small entity" with regard to the analysis of regulatory functions to include qualified business, government, and nonprofit enterprises operating with investment zones.
Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations pertaining to the implementation of projects or activities within an investment zone. Requires agencies to approve a request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in maintaining the rule unchanged.
Disallows waiver or modification or a rule that would directly violate a statutory requirement or present a danger to the public health and safety.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Judiciary.
Referred to the Subcommittee on Administrative Law and Governmental Relations.
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