A bill to amend the Internal Revenue Code of 1954 to extend the credit for the employment of certain new employees, to include as a targeted group for purposes of such credit certain individuals who have exhausted their rights to unemployment benefits, and for other purposes.

Amends the Internal Revenue Code to extend the targeted jobs tax credit from 1982 to 1987.

Treats as members of a targeted group certain individuals who have either: (1) exhausted rights to extended unemployment compensation during 1982 to 1983; or (2) exhausted rights to regular benefits during 1982 or 1983 and are eligible for trade adjustment allowances.