A bill to amend the Tax Reduction Act of 1975 to make permanent certain amendments to the Internal Revenue Code of 1954 effected by such Act.

[AI summary unavailable — showing source text] Makes permanent specified amendments to the Internal Revenue Code effected by the Tax Reduction Act of 1975, including: (1) the increase in the low income allowance; (2) the increase in the percentage standard deduction; (3) the $30 credit allowed for each personal exemption; (4) the credit against earned income; (5) the increase from $50,000 to $100,000 on the dollar limitation on used property; (6) the increase in the corporate surtax exemption from $25,000 to $50,000; and (7) the reduction in the normal corporate tax rate from 22 percent to 20 percent on the first $25,000 of net income.…