A bill to amend the Internal Revenue Code of 1986 to extend and modify the targeted jobs credit, and for other purposes.

Amends the Internal Revenue Code to extend the targeted jobs income tax credit through 1992. (Under current law the credit will expire after December 31, 1989.)

Amends the Economic Recovery Tax Act of 1981 to authorize appropriations through FY 1992 in connection with the targeted jobs credit.

Raises from 23 years to 25 years the age limitation with respect to economically disadvantaged youth targeted for credit purposes.