Venture Capital Tax Reform Act

Venture Capital Tax Reform Act - Amends the Internal Revenue Code to provide special tax benefits relating to the treatment of gains and losses from the sale of venture capital stock which is defined as the first $5,000,000 of stock issued by a newly formed corporation engaged in manufacturing, research or extraction. Makes the current reduced corporate income tax rate permanent and increases the corporate surtax exemption. Imposes an excise tax on pension managers of pension funds with assets above a certain size for investing in certain large corporations if the result of the investment is to increase the holdings of the fund to more than five percent of any class of security of the corporation.