Business and Urban Partnership Act

[AI summary unavailable — showing source text] Business and Urban Partnership Act - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of tax enterprise zones by the Secretary of Housing and Urban Development. Requires such zones to be within the jurisdiction of a qualified city and to have a required course of action designed to reduce the various burdens borne by employers or employees in the area. Requires the Secretary to report biennially to the Congress on the effects of enterprise zone designations. Provides for the coordination of such designations with relocation assistance programs and environmental policy. Title II: Federal Income Tax Incentives - Amends the Internal Revenue Code to allow a refundable tax credit to zone employers for 50 percent of the qualified expenses of: (1) employee accident or health plan coverage; (2) employee dependent care assistance; and (3) employee job training expenses. Allows employers to treat the cost of qualified zone property as an expense which is not chargeable to capital account. Allows such cost as a deduction for the year in which the property is placed in service. Allows an individual a deduction for the amount paid for th…