Investment Competitiveness Act

Investment Competitiveness Act - 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).