Program for Greater Stability and Support (PROGRESS) for the Independent States of the Former Soviet Union Act of 1992

Program for Greater Stability and Support (PROGRESS) for the Independent States of the Former Soviet Union Act of 1992 - Sets forth policies on the provision of trade benefits and other assistance to the independent states of the former Soviet Union (members of the Commonwealth of Independent States), including prohibitions on assistance to Communist party organizations. Makes an independent state eligible for such assistance only if the President reports to the Congress that the state 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. nongovernmental organizations and nongovernmental organizations in the independent states 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 infrastructure in the independent states and assist companies in applying for such contracts.

Amends the Internal Revenue Code to include eligible independent states of the former Soviet Union within the definition of a beneficiary country for purposes of permitting tax deductions for conventions held in such states.

Increases the tax exclusion for income earned in the independent states.

Encourages the President to: (1) negotiate with the independent states to establish tax sparing treaties; and (2) reduce trade barriers with such states wherever possible.

Amends the Foreign Assistance Act of 1961 to provide that Overseas Private Investment Corporation programs shall not be prohibited in the independent states.

Directs the program coordinator of U.S. assistance for the independent states to establish a Business Information Center System to serve as a central clearinghouse and data resource service for U.S. businesses and businesses in the independent states by providing information relating to: (1) business conditions in the independent states; (2) legal and regulatory information needed by U.S. companies seeking to do business in such states; (3) investment and trade opportunities for U.S. companies; and (4) voluntary assistance efforts to the independent states. Requires information to be made available to local enterprises in the independent states 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 Center for Political Education for the Former Soviet Union to provide training and experience for leaders in the independent states 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 the independent states. 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 buiness and management skills to the independent states.

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 the independent states.