Education Capital Fund Act of 1992

Education Capital Fund Act of 1992 - Establishes the Education Capital Fund Board to enter into: (1) three-to-ten-year performance grant contracts (75 percent federally funded) with local educational agencies, consortia, or partnerships for programs of educational reform; and (2) three-to-ten-year contracts (50 percent federally funded) with up to five States for statewide reform initiatives.

Directs the Board to: (1) establish an Advisory Board to assist in identifying components of successful schools, districts and reform initiatives, and to establish funding priorities; (2) cooperate with regional educational laboratories to establish a technical assistance referral network; (3) establish contract review and program evaluation procedures; and (4) report annually to the Congress.

Amends the Internal Revenue Code to: (1) establish in the Treasury the Education Capital Fund; and (2) increase the corporate tax rate to pay for Fund expenses in years in which the Fund's unboligated balance does not exceed $1,000,000,000.