Business Incentives Act

Business Incentives Act - Amends the Internal Revenue Code to permit a taxpayer, in calculating depreciation allowances of property, to apply a three year useful life computed under the straight-line method for up to $100,000 of the basis of such property. Treats a controlled group of corporations as a single taxpayer for purposes of computing the depreciation allowance.

Allows a limited nonrecognition of the gain from a sale or exchange of equity or proprietary interest in a business if the taxpayer purchases a replacement interest in a small business concern within two years of the sale or exchange. Lowers the basis of such replacement interest by the amount of gain not recognized.

Amends the Securities Act of 1933 to increase the small offering exemption to $3,000,000.