11.0533 Partial recoupment of corporate taxes.

(a) Section 11(b), relating to the amount of tax imposed on corporations for taxable years beginning on and after July 1, 1987, is amended to read:

11(b) Amount of tax.

The amount of tax imposed by subsection(a) shall be the sum of;

(1) 15 percent of so much of the taxable income as does not exceed $50,000,

(2) 25 percent of so much of the taxable income as exceeds $50,000 but does not exceed $75,000,

(3) 34 percent of so much of the taxable income as exceeds $75,000 but does not exceed $650,000, and

(4) 44 percent of so much of the taxable income as exceeds $650,000.

In the case of a corporation which has taxable income in excess of $100,000 for any taxable year, the amount of tax determined under the preceding sentence for such taxable year shall be increased by the lesser of(a) 5 percent of such excess or(b) $11,750.