Enterprise Zone Act of 1984

Enterprise Zone Act of 1984 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provides that State and local governments shall nominate areas for such designation. Limits the total number of designated areas to 60 (20 per year over a three-year period). Requires that at least one-fourth of such areas be in rural areas. Limits the period during which such designations shall remain in effect.

Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (within a population of at least 50,000) or 1,000 otherwise, or it is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements.

Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area.

Terminates the authority of the Secretary to designate enterprise zones on July 1, 1988, or three years after the publication of regulations pertaining to such zones, whichever is later. Describes areas to which preference shall be given in deciding to designate enterprise zones.

Requires the Secretary to prepare and submit to the Congress every two years a report on the effects of such enterprise zones' designation.

Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits.

States that designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970.

Exempts enterprise zones from certain requirements relating to Federal environmental policy.

Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment expenditures. Sets the amount of the tax credit at ten percent of the qualified increased employment expenditures of the taxpayer for the taxable year. Phases out such credit in the last three years of the enterprise zone designation.

Allows employers located in enterprise zones a nonrefundable income tax credit for ten percent of the training expenses incurred for enterprise zone employees.

Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investment in certain tangible property located in enterprise zones. Limits such credit to five percent for zone personal property and ten percent for new zone construction property, including rental property. Requires that the property subject to such credit be predominantly used in the zone, be purchased after zone designation, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon any disposition of the property. Phases out such credit in the last three years of the enterprise zone designation. Extends the period for the carryover of the investment credit for tangible property in enterprise zones.

Subtitle C: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones.

Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in Title II of this Act), governments, and nonprofit enterprises operating within enterprise zones.

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

Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect as long as the zone designations.

Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and consolidate all periodic reports required under such programs into one summary report.

Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Zone Board to consider on a priority basis and 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.

Title V: Establishment of Insurance Program for Enterprise Zone Business Property - Requires the Secretary of Housing and Urban Development to establish and carry out a national insurance program which will enable interested persons to purchase insurance against loss resulting from physical damage or loss of enterprise zone property. Directs the Secretary to encourage and arrange for appropriate financial participation and risk sharing in the program by insurance companies and other insurers and other appropriate participation on other than a risk-sharing basis. Requires the Secretary to establish general terms and conditions of insurability which shall be applicable to properties eligible for insurance coverage under the program. Provides that the Secretary shall prescribe by regulation the premium rates for insurance under the program and the terms and conditions under which such rates shall apply. Authorizes appropriations to carry out the provisions of this title.