Program for Greater Stability and Support (PROGRESS) for Eastern Europe Act of 1991

Program for Greater Stability and Support (PROGRESS) for Eastern Europe Act of 1991 - Sets forth policies on the provision of trade benefits and other assistance to eligible Eastern and Central European countries, including prohibitions on assistance to Communist party organizations. Defines an eligible Central or Eastern European country as Poland, Hungary, Czechoslovakia, Bulgaria, Estonia, Latvia, Lithuania, and any other Central or Eastern European country (including Yugoslavia) that is taking steps toward: (1) political pluralism; (2) economic reform and a market economy; (3) respect for human rights; and (4) building a friendly relationship with the United States.

Declares that the United States, in providing such assistance, should: (1) avoid equating the amount of funds used for assistance with success; (2) encourage and facilitate technical advice on establishing free market economies; and (3) encourage cultural and educational exchanges between U.S. and Eastern European nongovernmental organizations that are committed to democracy and free market economies.

States that the President should consider property rights, business regulations, the informal sector, wage and price controls, taxation, trade policy, restrictions on investment and capital flows, the size of the state sector, and the banking sector, in determining whether such assistance should be provided.

Declares that the United States should encourage U.S. companies to bid on contracts to improve Central and Eastern Europe's infrastructure and assist companies in applying for such contracts.

Amends the Internal Revenue Code to include eligible Central and Eastern European countries within the definition of a beneficiary country for purposes of permitting tax deductions for conventions held in such countries.

Increases the tax exclusion for income earned in eligible Central and Eastern European countries.

Encourages the President to: (1) negotiate with eligible Central and Eastern European countries to establish tax sparing treaties; and (2) reduce trade barriers with such countries wherever possible.

Amends the Foreign Assistance Act of 1961 to provide that Overseas Private Investment Corporation programs shall not be prohibited in eligible Central or Eastern European countries.

Amends the SEED Act of 1989 to redesignate the SEED Information Center System as the Central and Eastern European Business Information Center System, a central clearinghouse and data resource service for U.S. and Central and Eastern European businesses. Requires information to be made available to local enterprises in Central and Eastern Europe seeking trade or investment with the United States through trade information centers. Authorizes appropriations. Sets forth a matching requirement for U.S. businesses receiving such funding.

Requires the Director of the U.S. Information Agency to establish a Program for East European Political Education. Provides that such Program shall provide training and experience for Central and Eastern European leaders with the Congress, in U.S. political campaigns, and with U.S. media and businesses, by awarding Congressional Gift of Democracy Fellowships. Sets forth a matching requirement for nongovernmental organizations chosen to award such fellowships. Limits fellowships to a five-month period. Authorizes appropriations.

Directs the Administrator of the Small Business Administration to develop a management training program for business people and government officials from eligible Central and Eastern European countries. Makes Small Business Development Center Program and Senior Corps of Retired Executives funds available to carry out this program.

Commends the Peace Corps and the Small Business Administration for developing the Business to Business Program to teach business and management skills to Central and Eastern Europe.

Directs the Administrator of the Agency for International Development (AID) to establish a task force to review, and recommend revisions to, AID's regulations governing the application process for private voluntary organizations and businesses to receive AID funding for activities relating to Central and Eastern Europe.