A bill to amend the Tax Reduction Act of 1975 to make permanent certain amendments to the Internal Revenue Code of 1954 effected by such Act.

Makes permanent specified amendments to the Internal Revenue Code effected by the Tax Reduction Act of 1975, including: (1) the increase in the low income allowance; (2) the increase in the percentage standard deduction; (3) the $30 credit allowed for each personal exemption; (4) the credit against earned income; (5) the increase from $50,000 to $100,000 on the dollar limitation on used property; (6) the increase in the corporate surtax exemption from $25,000 to $50,000; and (7) the reduction in the normal corporate tax rate from 22 percent to 20 percent on the first $25,000 of net income.