(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.