American Family Enterprise Preservation Act

American Family Enterprise Preservation Act - Amends the Internal Revenue Code with respect to the estate tax on transfers with a retained life estate to repeal certain provisions concerning inclusions in the estate related to valuation freezes (especially where transfers with a retained life estate are to family members).

Reduces estate and gift tax rates to: (1) 15 percent of the amount not over $1,000,000; and (2) $150,000, plus 28 percent of the excess of the amount over $1,000,000. Indexes such amounts for inflation.

Increases the unified credits against estate and gift taxes and indexes them for inflation.

Revises provisions concerning the rate of interest on deferred estate tax attributable to a closely held business.