To amend the Internal Revenue Code of 1986 to provide tax incentives to encourage development in certain border areas.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide for the designation of one border empowerment zone and five border enterprise communities: (1) by the Secretary of Housing and Urban Development, in the case of an urban area; (2) by the Secretary of Agriculture, in the case of a rural area; and (3) the Secretary of the Interior for an Indian reservation. Describes a border area as one located in one or more counties each of which is located adjacent to an international border. Sets forth the eligibility criteria for such designations. Makes buildings in such areas eligible for the low-income housing credit applicable to buildings in high-cost areas. Provides for the issuance of enterprise zone facility bonds in border enterprise communities and empowerment zones in a manner similar to exempt facility bonds. Excludes enterprise zone facility bonds from the interest deduction limitations on financial institutions. Allows an empowerment zone employment credit to employers for a percentage of qualified zone wages paid during calendar years 1994 through 2004. Limits the amount of such credit. Allows a zone resident empowerment savings credit to employers as a general business credit of 50 per…