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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 4, 1991.
American Competitiveness Act - Title I: Tax Provisions - Amends the Internal Revenue Code to establish a method of computing the credit for increasing research activities based on aggregate research expenses, as an alternative to the method based on qualified research expenses. Establishes a variable capital gains deduction whose formulas on a sliding scale range from 50 percent for assets held for two years up to 100 percent for assets held for five years. Allows a deduction of 50 percent of the capital gain from stock investments by non-corporate taxpayers in start-up companies where initial stock offerings are held for two years. Allows such deduction in addition to the variable capital gains deduction. Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangle property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other disposition, solely for the purpose of determining gain or loss. Permits an income tax deduction in the amount of dividends paid by domestic corporations, except S corporations, regulated investment companies, real estate investment trusts, and personal holding companies. Repeals the income tax deductions currently permitted in connection with: (1) dividends received by a corporation; (2) dividends received by a corporation on the preferred stock of a public utility; and (3) dividends paid by a public utility on its preferred stock. Increases the deductible percentage of amounts received by a corporation from a qualified ten-percent owned foreign corporation. Allows a charitable deduction for corporate contributions of employee volunteer services to an educational organization. Title II: Trade Provisions - Amends the Tariff Act of 1930 to prescribe conditions under which the U.S. International Trade Commission must temporarily exclude from entry into the United States patent, copyright, trademark, or mask work articles which it is investigating for alleged infringement and unfair import trade practices. Title III: Labor Provisions - Amends the National Labor Relations Act to allow the formation or operation of quality circles or joint production teams composed of labor and management, with or without the participation of representatives of labor organizations. Amends the Employee Retirement Income Security Act of 1974 to allow pension plan fiduciaries to reject tender offers for stock at prices greater than the market price.
