A bill to amend the Internal Revenue Code of 1954 to provide tax relief to small businesses by establishing a graduated income tax rate for corporations.

Amends the Internal Revenue Code to establish a graduated, seven-tier corporate income tax rate schedule, imposing the uppermost (45 percent) marginal rate upon corporate income in excess of $150,000. Provides that the rate of tax on corporate income over $150,000 which is received or accrued after December 31, 1979, and before January 1, 1981, shall be 46 percent.