Business and Urban Partnership Act

Business and Urban Partnership Act - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of tax enterprise zones by the Secretary of Housing and Urban Development.

Requires such zones to be within the jurisdiction of a qualified city and to have a required course of action designed to reduce the various burdens borne by employers or employees in the area.

Requires the Secretary to report biennially to the Congress on the effects of enterprise zone designations.

Provides for the coordination of such designations with relocation assistance programs and environmental policy.

Title II: Federal Income Tax Incentives - Amends the Internal Revenue Code to allow a refundable tax credit to zone employers for 50 percent of the qualified expenses of: (1) employee accident or health plan coverage; (2) employee dependent care assistance; and (3) employee job training expenses.

Allows employers to treat the cost of qualified zone property as an expense which is not chargeable to capital account. Allows such cost as a deduction for the year in which the property is placed in service.

Allows an individual a deduction for the amount paid for the purchase of enterprise zone stock. Imposes an interest charge if such stock is disposed of within five years of its purchase. Limits enterprise stock in a corporation to $5 million.

Requires the allocating commission of an enterprise zone to make allocations of credit amounts, expense treatment amounts, and zone stock deduction amounts. Provides for determining limitations on such amounts.

Allows enterprise zone incentives in determining the alternative minimum tax.

Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified business, government, and nonprofit enterprises operating within enterprize zones.

Provides for the waiver or modification of agency rules in enterprise zones in order to further the job creation, community development, or economic revitalization objectives within such zones.

Authorizes the Secretary to convene regional and local coordinating councils of appropriate agencies to assist State and local governments in achieving the required course of action.

Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires enterprise zones to receive priority in the designation of foreign trade zones.

Title V: Repeal of Title VII of the Housing and Community Development Act of 1987 - Repeals title VII (enterprise zone development) of the Housing and Community Development Act of 1987.