American Competitiveness Act

[AI summary unavailable — showing source text] 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 compan…