A bill to amend the Internal Revenue Code of 1954 to repeal the 30 per centum tax on interest received by foreigners on certain portfolio debt investments which operates as a tariff to prevent such investments from entering the United States.

Amends the Internal Revenue Code to exempt from the 30 percent tax on the income of nonresident alien individuals and foreign corporations any interest received from certain portfolio debt investments.

Makes such exemptions inapplicable upon a determination by the Secretary of the Treasury that the exchange of information between the United States and a foreign country is inadequate to prevent income tax evasion.

Excludes from the gross estate of a nonresident alien for purposes of the estate tax, any interest eligible for the income tax exemption under this Act.