1. Short title This Act may be cited as the Invest in America Act . 2. Repeal of amendments made by the Foreign Investment in Real Property Tax Act of 1980 ( FIRPTA ) (a) Repeal of capital gains tax on disposition of investments in United States real property by foreign citizens (1) In general Subpart D of part II of subchapter N of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 897. (2) Conforming amendments (A) Section 852(b)(3) of such Code is amended by striking subparagraph (E). (B) Section 857(b)(3) of such Code is amended by striking subparagraph (E) and by redesignating subparagraph (F) as subparagraph (E). (C) Section 861(a)(5) of such Code is amended to read as follows: (5) Sale or exchange of real property Gains, profits, and income from the sale or exchange of interests in real property (as defined in section 856(c)(5)(C), except that such term shall include mineral, oil, and gas royalty interests) located in the United States. . (D) Section 862(a) of such Code is amended by adding and at the end of paragraph (7), by striking paragraph (8), and by redesignating paragraph (9) as paragraph (8). (E) Section 864(c)(8) of such Code is amended by striking subparagraph (C) and by redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively. (F) Section 871(h)(4)(C)(v)(I) of such Code is amended by striking other than property described in section 897(c)(1) or (g) . (G) Section 871(k)(2) of such Code is amended by striking subparagraph (E). (H) Section 871(n) of such Code is amended by striking paragraph (7). (I) Section 882(a) of such Code is amended by striking paragraph (3). (J) Section 884(d)(2) of such Code is amended by striking subparagraph (C) and by redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively. (K) Section 1125 of the Foreign Investment in Real Property Tax Act of 1980 is amended by striking subsections (c) and (d). (3) Clerical amendment The table of sections for subpart D of part II of subchapter N of