A bill to amend the Internal Revenue Code of 1954, and the Tax Reduction Act of 1974, to make permanent certain changes made by such act in the Internal Revenue Code which affect small business.

Makes permanent specified amendments to the Internal Revenue Code effected by the Tax Reduction Act of 1975, including: (1) the increase from $50,000 to $100,000 on the dollar limitation on used property; (2) the increase in the corporate surtax exemption from $25,000 to $50,000; and (3) the reduction in the normal corporate tax rate from 22 percent to 20 percent on the first $25,000 of net income.