Defense Economic Reinvestment Act of 1993

TABLE OF CONTENTS:

Title I: Worker and Military Personnel Assistance Programs

Title II: Defense Economic Development

Title III: National Technology and Industrial Base

Initiatives

Defense Economic Reinvestment Act of 1993 - Title I: Worker and Military Personnel Assistance Programs - Directs the Secretary of Defense to establish a program to assist displaced defense workers, at-risk defense workers, and military personnel involuntarily separated from active duty in obtaining reemployment in defense dependent areas. Directs the Secretary to enter into agreements to pay 25 percent of the first-year wages of such workers to public or private employers who hire them. Provides a similar incentive program with respect to defense facilities that have begun or announced the termination of employees before enactment of this Act due to completion or curtailment of a defense contract. Authorizes FY 1994 appropriations.

Amends the Internal Revenue Code to: (1) allow an additional credit against Federal unemployment tax for employers who contribute to a reemployment assistance fund maintained under a State law certified by the Secretary of Labor; (2) lower the percentage rate of Federal unemployment tax paid by employers; (3) revise the definition of "Federal taxable wages"; and (4) revise the method of computing installment payments of Federal unemployment tax to take into account the additional credit allowed against such tax.

Directs the Secretary to: (1) conduct a program to establish cooperative arrangements between the Department of Defense and specified entities for providing retraining services and placement assistance for displaced and at-risk defense workers; and (2) establish a program under which retraining services (and fellowship assistance) are provided to such defense workers and involuntarily separated military personnel to obtain employment in environmental engineering. Authorizes appropriations.

Title II: Defense Economic Development - Directs the Secretary to make grants to communities located in defense dependent areas to assist in the economic transition necessary due to reductions in defense spending or the closure of defense facilities. Authorizes appropriations.

Title III: National Technology and Industrial Base Initiatives - Directs the Secretary to conduct a program to provide assistance for the establishment or continuation of cooperative arrangements between institutions of higher education and State government agencies and other entities to establish new, or enhance existing, programs of alternative technology development and application.

Directs the Secretary to make grants to institutions of higher education in defense-dependent areas to assist in the establishment or operation of environmental and entrepreneurial technology centers that would focus on the transfer of technology and human resources from defense-related industries into growth sectors of the environmental field.

Directs the National Defense Technology and Industrial Base Council to make a grant to each State to carry out a survey of eligible firms engaged in manufacturing activities to determine the manufacturing technology capabilities of that State's industrial base.

Authorizes appropriations.

Directs the Secretary to establish a loan guarantee program to assist a defense facility holding a major defense contract or subcontract to finance economic development projects related to conversion and diversification from defense-related production and operations to nondefense-related uses.