Enterprise Zone-Jobs Creation Act of 1992

Enterprise Zone Jobs-Creation Act of 1991 - Part I: Overview - Declares the purpose of this Act to provide for the designation of economically distressed urban and rural areas as enterprise zones in order to stimulate the creation of new jobs in the zones, particularly for disadvantaged workers and long-term unemployed individuals, to enhance the availability and delivery of local goods and services to residents and businesses in the enterprise zones through meaningful entrepreneurial activity.

Part II: Designation of Enterprise Zones - Authorizes the Secretary of Housing and Urban Development to designate urban enterprise zones and the Secretary of Agriculture to designate rural enterprise zones for purposes of providing tax and regulatory relief and improving local services. Limits choices to areas nominated by States and local governments. Limits the total number of areas that may be designated, and the time period of the designation.

Requires the Secretary of the Treasury, prior to the designation, to estimate the impact of the designation on Federal revenues during FY 1992, 1993, 1994, 1995, 1996, and 1997. Prohibits the designation of an area as an enterprise zone if the estimated sum is greater than $2,500,000,000.

Authorizes the designation of a zone only if the area meets certain locational, demographic, unemployment, and poverty criteria. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action that may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, and providing job training to area residents.

Requires the Secretary to report to the Congress every two years on the effects of such enterprise zones' designation in accomplishing the purposes of this Act.

Part III: Federal Income Tax Incentives - Requires taxpayers claiming benefits under this part to make appropriate disclosure to the Internal Revenue Service.

Establishes the regulatory authority of the Secretary of the Treasury in carrying out the purposes of this Act.

Allows a deduction for the aggregate amount paid by an individual for the purchase of enterprise zone stock on the original issue of such stock by a qualified issuer. Limits the maximum amount allowed as a deduction for any taxable year to $20,000 and $100,000 for the taxpayer's lifetime. Provides that in the disposition of such stock the gain shall be treated as ordinary income. Provides for the charging of interest to a taxpayer who disposes of such stock within five years of its purchase.

Excludes from gross income any amount of gain constituting enterprise zone investor gain. Requires enterprise zone investor loss to be treated as ordinary loss.

Excludes from gross income any amount of gain constituting enterprise zone business gain. Requires enterprise zone business loss to be treated as ordinary loss.

Allows the issuance of tax-exempt bonds to finance qualified enterprise zone facilities. Relieves such bonds from certain limitations on the acquisition of land or existing property. Allows an issuer to elect not to treat such bonds as private activity bonds.

Allows an income tax credit to enterprise zone employees who are not eligible for the earned income tax credit of five percent of any wages earned as do not exceed the employee's qualified wages.

Allows small businesses in enterprise zones to expense depreciable business assets up to $50,000 per year. (Current expensing is limited to $10,000 per year).

Establishes an alternative neutral cost recovery system for enterprise zone business property.

Excludes enterprise zone investor gain and business gain from income for purposes of computing alternative minimum tax.

Part IV: Regulatory Flexibility - Amends Federal law to revise the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified business, government, and nonprofit enterprises operating within enterprise zones.

Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations pertaining to the implementation of projects or activities within an enterprise zone. Requires agencies to approve the request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in retaining the rule unchanged.

Disallows waiver or modification of a rule that would directly violate a statutory requirement or present a danger to the public health and safety.

Part V: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Zone Board to consider on a priority basis and to expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones.

Part VI: 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.