Small Business Tax Relief Act

Small Business Tax Relief Act - Amends the Internal Revenue Code to allow certain small businesses to compute taxable income under the cash method and without regard to inventories. Increases the corporate surtax exemption and reduces the corporate tax rates. Provides for limited recognition of the gain from the sale or exchange of a sole proprietorship prior to the age of 55, and non-recognition after age 55. Allows the amortization over a 36-month period of expenses of a business for property acquired to put the business in compliance with Federal law and which does not have any economic usefulness to the business. Increases the additional first year depreciation allowance for small businesses. Increases the investment tax credit for investments in certain small manufacturing facilities.