Small Business Tax Incentive Act

[AI summary unavailable — showing source text] Small Business Tax Incentive Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Increases the estate tax exemption from $60,000 to $200,000. Changes the limitation on the aggregate amount of the estate tax marital deduction from 50 percent of the value of the gross estate to $100,000 plus 50 percent of the value of the estate. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Title II: Small Business Growth Incentives - Allows …