H.R. 850 (103^rd): Tax Enterprise Zone Act of 1993

2/4/1993--Introduced.

Tax Enterprise Zone Act of 1993 - Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; (2) promote meaningful employment for zone residents; and (3) encourage individuals to reside in the zones in which they are employed. Amends the Internal Revenue Code to provide for the designation of tax enterprise zones during calendar years after 1992 and before 1998: (1) by the Secretary of Housing and Urban Development, in the case of an urban tax enterprise zone; and (2) by the Secretary of Agriculture, in consultation with the Secretary of Commerce, in the case of a rural development investment zone. Sets forth the eligibility criteria for such designation for urban tax enterprise zones and for rural development investment zones. Allows an enterprise zone employment credit to small employers as a general business credit of 15 percent of the qualified zone wages. Allows a deduction for the purchase of enterprise zone stock paid in cash. Excludes from gross income 50 percent of qualified capital gain recognized on the sale or exchange of a new qualified zone asset held for more than five years. Increases the limitation on expensing certain depreciable business assets. Sets forth special rules for tax-exempt redevelopment bonds which provide financing for tax enterprise zones for the first 60-month period after a zone is so designated.