To amend the Internal Revenue Code of 1986 to provide tax treatment for foreign investment through a United States regulated investment company comparable to the tax treatment for direct foreign investment and investment through a foreign mutual fund.
Investment Competitiveness Act of 1997 - Amends the Internal Revenue Code to exempt interest-related dividends and short-term capital gain dividends received from a regulated investment company from the 30 percent tax on the income of nonresident aliens and foreign corporations not connected with a U.S. business, subject to exception.
Revises provisions concerning: (1) the estate tax treatment of stock in certain regulated investment companies owned by a nonresident; and (2) the distribution of U.S. property by a qualified investment entity (currently, a real estate investment trust).
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E223)
Referred to the House Committee on Ways and Means.
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