Summary: S.686 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for S.686. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/19/1991)

Rural Business Revitalization Act of 1991 - Title I: Designation of Rural Enterprise Zones - Amends the Internal Revenue Code to authorize the Secretary of the Treasury to designate rural enterprise zones for purposes of providing tax and regulatory relief and improving local services.

Requires the Secretary to report to the Congress on an evaluation of this Act every three years.

Title II: Federal Income Tax Incentives - Allows a general business credit for rural enterprise zone employment and allows an investment tax credit for rural enterprise zone property.

Increases the research tax credit for research conducted in rural enterprise zones.

Defers the payment of capital gains tax on a capital gain which is reinvested in rural enterprise zone property.