To amend the Internal Revenue Code of 1986 to allow accelerated depreciation for equipment used to manufacture advanced materials or to develop advanced technologies and to impose a minimum tax on foreign and foreign-owned corporations operating in the United States.

Amends the Internal Revenue Code to allow a three-year depreciable life for semiconductor manufacturing equipment and equipment used to manufacture advanced materials or to develop advanced technologies.

Imposes a minimum tax on domestic corporations which are 25-percent foreign-owned and foreign corporations engaged in a trade or business within the United States.