Inner City Revitalization Act

Inner City Revitalization Act - Title I: Tax Incentives for Enterprise Zones - Enterprise Zone Act - Subtitle A: Designation of Enterprise Zones - Authorizes the Secretary of Housing and Urban Development (Secretary) to designate enterprise zones for purposes of providing tax and regulatory relief and improving local services. Limits choices to areas nominated by States and local governments. Limits to 225 the total number of areas that may be designated, and the time period of the designation.

Authorizes the Secretary to designate a 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 enterprise zones' designation in accomplishing the purposes of this Act.

Subtitle B: Federal Income Tax Incentives - Part I: Credits for Employers and Employees - Allows employers located in enterprise zones a nonrefundable income tax credit for qualified increased employment expenditures and employment of the disadvantaged. Sets the credit amount at ten percent of the increase in payroll plus a specified percentage of wages paid to certain disadvantaged workers through the first 20 years of the enterprise zone designation.

Allows a nonrefundable income tax credit to enterprise zone employees for five percent of wages earned. Phases out both credits in the last four years of the enterprise zone designation.

Part II: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investments made in certain enterprise 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.

Part III: Exclusion of Enterprise Zone Capital Gains - Excludes from gross income any capital gain on the sale of enterprise zone property if, within one year after the sale, the taxpayer acquires qualified replacement property (generally defined as property related to an enterprise zone or to a business within a zone).

Part IV: Rules Relating to Industrial Development Bonds - Declares that: (1) limitations on the cost recovery deductions for property financed with tax-exempt bonds shall not apply to enterprise zone property; and (2) the termination of the small issue exemption shall not apply to bonds whose proceeds are used to finance facilities in enterprise zones.

Part V: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Secretary of the Treasury should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act.

Subtitle C: Regulatory Flexibility - Amends Federal law to revise the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified business, government, and nonprofit enterprises operating within enterprise zones.

Authorizes Federal agencies, upon request by a designating government, and after considering specified questions, to decide whether to waive or modify rules and regulations pertaining to the implementation of projects or activities within an enterprise zone.

Disallows waiver or modification of a rule that would directly violate a statutory requirement or present a danger to the public health and safety.

Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and to consolidate all periodic reports required under such programs into one summary report.

Subtitle D: Establishment of Foreign-Trade Zones in Enterprise 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 enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones.

Title II: Youth Employment Opportunity Wage - Youth Employment Opportunity Wage Act - Amends the Fair Labor Standards Act of 1938 to authorize employers to pay employees under 20 years of age, between May and September of each year, 75 percent of the minimum wage rate. Exempts such employees from special certificate requirements. Restricts the authorization to: (1) hours worked by eligible employees in compliance with applicable child labor laws; and (2) youth employed after May 1 of each year.

Prohibits the removal of employees ineligible for the subminimum wage rate in order to replace them with employees who are eligible.

Makes technical and conforming amendments to the Job Training Partnership Act.

Terminates the minimum wage rate exception after September 30, 1989.

Directs the Secretary of Labor to monitor the implementation of this Act and to report to the Congress concerning the employment effects of the wage authorized by this Act.

Title III: Urban Homesteading - Urban Homestead Act - Amends the United States Housing Act of 1937 to establish procedures to give families residing in public housing projects an opportunity to purchase their dwelling units.

Requires the formation of a resident management corporation as a condition for public housing home ownership.

Requires the Secretary of Housing and Urban Development to provide comprehensive improvement assistance to projects to ensure that their physical condition, management, and operation are sufficient to encourage home ownership by resident families.

Directs the Secretary and the responsible public housing agency to provide the training and technical assistance necessary to prepare the families and the resident management corporation for home ownership.

Describes conditions under which purchases may take place. Requires the Secretary to continue annual contributions to a project after purchase. Limits purchase price to 25 percent of fair market value and enumerates possible purchasing arrangements. Directs the relevant agency to assist purchasers by making loans at reduced interest rates.

Prohibits the eviction of and authorizes financial assistance to families residing in units sold to a resident management corporation.

Directs the Secretary to report annually to the Congress concerning the program.

Title IV: Equal Educational Opportunity Act - Equal Educational Opportunity Act - Amends the Education Consolidation and Improvement Act of 1981 (ECIA) to permit certain payments to local educational agencies (LEAs) under such Act to be used for programs that permit parents of educationally deprived children to use vouchers to pay for: (1) full-time enrollment at private schools or at public schools outside their school district; or (2) compensatory services provided by the LEA to meet their special educational needs at public schools within their school district.

Authorizes State educational agencies (SEAs) to require LEAs to implement voucher programs. Permits LEAs discretion with respect to such programs when not required by the SEAs.

Describes program requirements and other projects that LEAs must provide to meet special educational needs of targeted students.

Prohibits private schools from redeeming vouchers if they engage in racial discrimination. Amends the Internal Revenue Code to require the Secretary of the Treasury to disclose tax return information to Department of Justice investigatory personnel in proceedings brought under this Act to determine whether a school follows a racially discriminatory policy.