Turbo Enterprise Zone Act

Turbo Enterprise Zone Act - Provides for the waiver of Federal income, employment, self-employment, and excise taxes and State, county, and local jurisdiction taxes on qualified residents and qualified businesses in Los Angeles turbo enterprise zones during a five-year period. Describes such zones as any area in the County of Los Angeles designated as being: (1) significantly and adversely affected by the rioting which occurred on or about May 1, 1992; (2) afflicted with unemployment estimated to exceed 30 percent; (3) subject to severe economic blight as measured by per capita income and the number of persons below the Federal poverty level; and (4) nonproductive of material tax revenues to the city, county, State, or Federal governments. Provides for an extension of such period if necessary. Limits any extension to six years.

Expresses the sense of the Congress that California, the County of Los Angeles, and local governments within the County having jurisdiction over areas significantly and adversely affected by unemployment, gang violence, riots, and looting should take immediate steps to eliminate all taxes on qualified residents and qualified businesses for such five-year period.

Authorizes other geographic areas to apply for such five-year waiver.

Suspends the treatment of any deduction, credit, or capital loss carryover during such period.

Allows a turbo enterprise zone employment credit equal to the applicable percentage of qualified first-year wages to a qualified productive business that: (1) is engaged in the manufacture or production of any tangible personal property in a turbo enterprise zone for use outside such a zone; or (2) is providing services performed outside such a zone by a qualified residents. Limits such credit to $1,000 for the first-year wages paid to an employee. Makes such credit applicable to qualified residents of a turbo enterprise zone who are hired during the five-year period. Make such credit a part of the general business credit.