(FORTUNE Magazine) – BUSINESS LEADERS once entertained hopes that the Republican Senate would reverse some of the distinctly antibusiness aspects of tax reform. Those hopes have faded fast. Says John M. Albertine, outgoing president of the American Business Conference and a reluctant supporter of the House tax bill: ''The best we will get is a carbon copy of the House bill with some cosmetic changes.'' In round numbers that means a corporate tax increase of around $130 billion over five years. This pessimism stems from the realization that the Senate Finance Committee is in no mood to tap big new revenue sources. Lack of White House support for Republican Senator William Roth's business transfer tax, a form of value-added tax, has killed that option for now. Growing bipartisan sentiment supports the idea that any new energy taxes should be used for deficit reduction, not to finance tax reform. Nor is there any real interest in scaling back promised individual tax rate reductions to preserve tax breaks for business. So the Finance Committee probably will do little more than tinker with the House bill. Among the biggest of these small changes: TAX RATES. The committee staff wants to cut the top tax rate for both individuals and corporations to 35%. The House bill would put the top rates at 38% for individuals and 36% for corporations. Individuals now pay up to 50%, corporations 46%. DEPRECIATION. Long concerned about promoting investment, the committee will devise a more liberal depreciation plan than the one passed by the House, but certainly not as generous as current law. The investment tax credit, killed off in the House bill, will stay dead. CAPITAL GAINS. The committee is likely to keep the top capital gains rates of 20% for individuals and 28% for corporations, rather than raising them to 22% and 36% as the House wants. One reason is powerful lobbying by the timber industry, which enjoys capital gains treatment on most profits from harvesting trees. Among its many allies on the committee are Chairman Bob Packwood of timber-rich Oregon and ranking Democrat Russell Long of Louisiana, also a big forest products state. OIL AND GAS. Like timber, the oil and gas industry boasts strong allies on the committee, including Long, Majority Leader Robert Dole of Kansas, Republican Malcolm Wallop of Wyoming, and Democrat Lloyd Bentsen of Texas. With the industry hurting from low oil prices, the committee is likely to preserve some tax breaks the House voted to extinguish. To pay for these adjustments, the committee is proposing a ragbag of revenue raisers, some on individuals, some on business. Under consideration are new limits on interest deductions for business and consumer debt. Says a committee aide: ''There is a feeling that the tax code encourages people and corporations to borrow to spend when it should encourage them to save and invest.'' Other ideas under study include limiting individual deductions for sales and property taxes and business deductions for advertising expenses and excise taxes. Overall, however, the Senate tax reform package is expected to remain revenue neutral. The same cannot be said for the Senate budget resolution, which is moving on a separate track. Budget Committee Chairman Pete Domenici estimates that some $15 billion in new revenues will be needed to meet the $144-billion deficit target for fiscal 1987 set by the Gramm-Rudman-Hollings law. Domenici is considering a federal income-tax amnesty scheme that his committee estimates could raise $8.6 billion next year. He also is interested in a 12-cent-per-gallon increase in the gasoline tax and higher levies on beer, wine, and cigarettes. The good news is no major corporate tax increases are on that list, at least not yet.