To amend the Small Business Act to provide financial assistance to small businesses operating in urban empowerment zones and enterprise communities and to amend the Internal Revenue Code of 1986 to allow individuals an exclusion for capital gain from new investments in those small businesses.

[AI summary unavailable — showing source text] Amends the Small Business Act to earmark specified funds to be expended after FY 1994 for small businesses operating in urban empowerment zones or enterprise communities (urban tax enterprise zones). Amends the Internal Revenue Code to exclude from gross income qualified capital gain recognized on the sale or exchange of an urban tax enterprise zone asset held for more than five years. Describes such assets as enterprise zone stock, business property, and partnership interests.…