Economic Revitalization Act

[AI summary unavailable — showing source text] Economic Revitalization Act - Amends the Internal Revenue Code to provide for economic revitalization zones designated by the Secretary of Labor in areas where: (1) the average unemployment rate for the most recent period for which data is available is at least 150 percent of the average national unemployment rate; (2) more than ten percent of the total employment in the area during 1993 consisted of employment in a trade-affected industry, or more than 15 percent consisted of employment in all of the trade-affected industries located in the area; and (3) employment in a trade-affected industry located in such area decreased by more than 20 percent during the period from 1993 through 2002. Requires priority for designation to be given to areas which: (1) are located in States that have experienced employment in a trade-affected industry decline by more than 50 percent since 1993; and (2) have suffered the loss of more than 1000 jobs in the trade-affected industry within the preceding year. Defines trade-affected industry as any industry listed in a three-digit North American industry classification system subsector: (1) which had a total labor force of at least 200,000 during 1994;…