Job Opportunity and Business Stimulation Act

Job Opportunity and Business Stimulation Act - Establishes a program under which the Secretary of Labor shall make payments to States and U.S. territories for job opportunities and business stimulation.

Authorizes appropriations for FY 1983 and 1984 for such payments.

Sets forth formulas for allocation of such appropriations to specified territories of the U.S. on the basis of population and to States on the basis of population and of relative economic indicators derived from income growth factors.

Requires that the Secretary's payment to a State be made available to the Governor for specified authorized uses that the Governor determines will contribute most to the creation of jobs for the unemployed. Directs the Governor to ensure that such expenditures are distributed geographically in a specified manner. Requires that funds be distributed to county areas based on unemployment factors and revenue sharing amounts. Directs the Governor, in determining fund allocation and uses, to: (1) consult with the State job training coordination council established pursuant to the Job Training Partnership Act; (2) provide for public hearings; and (3) publish an expenditure plan.

Permits funds made available under this Act, under specified conditions, to be used for any program, project, or activity with the principal purpose of increasing available jobs in the area served.

Limits use of such funds to activities which are in addition to those which would otherwise be available in the area. Limits training of dislocated workers with such funds to programs and projects established in accordance with the Job Training Partnership Act. Prohibits use of such funds to duplicate facilities or services available in the area from Federal, State, or local sources.

Sets forth program requirements relating to conditions of employment and training, health and safety standards, workers' compensation benefits, and job benefits and working conditions. Prohibits use of funds under this Act for contributions on behalf of any participant to retirement systems or plans.

Prohibits displacement of any currently employed worker by participants in programs funded under this Act. Prohibits such programs from impairing existing contracts for services or collective bargaining agreements. Requires the written concurrence of the labor organization and the employer concerned before any such program which would be inconsistent with the terms of a collective bargaining agreement may be undertaken. Prohibits program participants from being employed or job openings being filled when: (1) any other individual is on layoff from the same or any substantially equivalent job; or (2) the employer has terminated the employment of any regular employee or otherwise reduced its work force with the intention of filling the vacancy by hiring a participant whose wages are subsidized under this Act. Prohibits creation of jobs in a promotional line that will infringe in any way on the promotional opportunities of currently employed individuals.

Requires States receiving funds under this Act to provide the Secretary with assurances that none of such funds will be used to assist, promote, or deter union organizing. Requires that an opportunity for comment be provided for any labor organization representing a substantial number of employees engaged in similar work or training in the same area as that proposed to be funded under this Act.

Applies the wage rate requirements of the Davis-Bacon Act to all laborers and mechanics employed by contractors or subcontractors in works federally assisted under this Act, with specified exceptions for bona fide trainees.

Sets forth program requirements relating to: (1) monitoring; (2) fiscal controls and sanctions; (3) reports, recordkeeping, and investigations; (4) nondiscrimination; and (5) administrative provisions.

Directs the Secretary to report annually to the Congress on programs under this Act.