Free Enterprise Zone Act

[AI summary unavailable — showing source text] Free Enterprise Zone Act - Title I: Designation of Private Jobs and Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of private jobs and enterprise zones, for a 20 year period, by local governments or by State governments on behalf of local governments subject to the approval of the Secretary of Commerce, for purposes of extending the tax incentives provided by title II of this Act to employers and employees within such designated zones. Specifies that the Secretary may only approve the designation of such zones if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 2,000, or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to effect a permanent real property tax reduction in their respective jurisdictions, which is not less than 50 percent of the current effective rate. Expresses the sense of the Congress that in the case of any application for designation of an area in a private jobs and enterprise zone as…