To amend the Internal Revenue Code of 1986 to increase job creation and small business expansion and formation in economically distressed United States insular areas.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to: (1) direct the Secretary of Housing and Urban Development to designate additional nominated U.S. insular areas which meet certain eligibility criteria as empowerment zones; and (2) set forth various special rules related to such empowerment zones. Limits to $1 million (for others, $3 million) the amount of tax-exempt enterprise zone facility bonds. Prescribes a table of applicable percentages relating to the empowerment zone employment credit with respect to each newly designated empowerment zone.…