To amend the Internal Revenue Code of 1986 to allow accelerated depreciation for equipment used to manufacture advanced materials or to develop advanced technologies, to reduce capital gains taxes, 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.

Reduces the individual and corporate capital gains rates and the minimum tax rate on capital gains.

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.