Turbo Enterprise Zone Act

[AI summary unavailable — showing source text] Turbo Enterprise Zone Act - Provides for the waiver of Federal income, employment, self-employment, and excise taxes and State, county, and local jurisdiction taxes in Los Angeles turbo enterprise zones during a five-year period. Describes such zones as any area in the County of Los Angeles designated as being: (1) significantly and adversely affected by the rioting which occurred on or about May 1, 1992; (2) afflicted with unemployment estimated to exceed 30 percent; (3) subject to severe economic blight as measured by per capita income and the number of persons below the Federal poverty level; and (4) nonproductive of material tax revenues to the city, county, State, or Federal governments. Provides for an extension of such period if necessary. Limits any extension to six years. Authorizes other geographic areas to apply for such five-year waiver. Suspends the treatment of any deduction, credit, or capital loss carryover during such period.…