To amend the Internal Revenue Code of 1986 to increase the unified estate and gift tax credit to an amount equivalent to a $1,200,000 exemption.

Amends the Internal Revenue Code to increase the unified credit against the estate tax and the gift tax.

Requires an estate tax return in cases where the gross estate exceeds $1.2 million (currently $600,000).

Revises the formula for the phaseout of graduated rates and the unified credit.