Small Business Growth and Job Creation Act

[AI summary unavailable — showing source text] Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Establishes a new alternative tax on capital gains. Establishes an estate tax exemption of $180,000. Establishes a new rate schedule for the estate tax. Provides a gift tax exclusion of $9,000, and a gift tax exemption of $90,000. 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 of the value of the gross estate of such decedent, or (2) more than 40 percent of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement prop…