Small Business Emergency Tax Reduction Act

[AI summary unavailable — showing source text] Small Business Emergency Tax Reduction Act - Provides, under the Internal Revenue Code, for an increase from $10,000 to $15,000 in the dollar limitation on property eligible for an additional first-year depreciation allowance for small business. States that in the case of a husband and wife who file a joint return, the limitation shall be increased from $20,000 to $30,000. Removes the requirement that such eligible property have a useful life of six years or more. States that in the case of corporations, the normal tax on a corporation's taxable income shall be equal to 22 percent of the amount by which the taxable income exceeds the normal tax exemption for the taxable year. Provides that the normal tax exemption for any taxable year beginning after December 31, 1974, shall be $5,000, with specified exceptions. Increases the corporate surtax exemption from $25,000 to $100,000. Provides, in the case of a corporation other than a mere holding or investment company, for an increase in the minimum accumulated earnings credit from $100,000 to $150,000. States that in computing the taxable income of a partnership, there shall be allowed a deduction to the partnership for organizational …