Rural Enterprise Zone Act of 1986

[AI summary unavailable — showing source text] Rural Enterprise Zone Act of 1986 - Title I: Designation of Rural Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development. Specifies that States and local governments shall nominate areas for such designation. Limits to 45 the total number of areas which may be designated as enterprise zones. Limits the period during which such designations shall remain in effect to a maximum of 15 years. Specifies that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the nominating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 1,000 or is entirely within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, and providing job training to residents of the area. Terminates the authority of the Secretary to designate rural enterprise zones on January 1, 1987, or three year…