Emergency Nurse Shortage Relief Act of 1992

Emergency Nurse Shortage Relief Act of 1992 - Amends title VIII (Nurse Education) of the Public Health Service Act to authorize the Secretary of Health and Human Services to make grants for programs to: (1) promote nursing as a career, including promotion in public secondary schools; (2) identify and provide internships to students in such schools who show an interest in health care; and (3) recruit nursing students from groups not traditionally well represented in the profession. Authorizes appropriations.

Authorizes the Secretary to make grants for programs to: (1) encourage and assist non-practicing nurses to reenter the profession; (2) train nurses as nurse practitioners or nurse midwives or in areas of needed specialized nursing skills; and (3) provide tuition assistance to students in educational programs designed to facilitate reentry. Authorizes appropriations.

Authorizes the Secretary to make grants for programs to: (1) increase the attractiveness of nursing as a career through changes in wage structures, employment options and benefits, and the role of nurses in health care facilities; and (2) demonstrate innovative methods of providing for career advancement and encourage nurses and nurse assistants to continue nursing education. Authorizes appropriations.

Authorizes the Secretary, subject to appropriations, to establish a program to insure educational loans to individuals with a degree as a registered nurse for educational expenses related to training nurses as nurse practitioners or nurse midwives or in areas of needed specialized nursing skills. Makes provisions of the Federal Program of Insured Loans to Graduate Students in Health Professions Schools, established by current law in the Public Health Service Act, apply to this program except as inconsistent.

Authorizes the Secretary, subject to appropriations, to enter into agreements with eligible individuals to assist in repaying specified amounts of their eligible educational loans. Sets forth criteria for an individual to be eligible to receive assistance, including a requirement that the individual agree to work full-time as a registered nurse in a nursing crisis area. Sets forth a schedule for loan repayment by the Secretary to the holder of the loans based on the number of years of work completed as agreed.

Amends the Internal Revenue Code to allow C corporations a tax credit for 20 percent of the amount paid or incurred as qualified nursing scholarships.