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 turbo enterprise zones during a five-year period. Describes such zones as any area designated as being: (1) afflicted with especially high unemployment; (2) subject to severe economic blight as measured by per capita income and the number of persons below the Federal poverty level; and (3) nonproductive of material tax revenues to the city, county, State, or Federal governments. Requires designations to be approved by the Secretary of Housing and Urban Development. Provides for an extension of such period if necessary.

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 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.