A bill to amend the Internal Revenue Code of 1986 to provide that the value of qualified historic property shall not be included in determining the taxable estate of a decedent.

Amends the Internal Revenue Code to provide that for purposes of determining estate tax the value of the taxable estate shall be determined by deducting from the value of the gross estate an amount equal to the value of any qualified historic property. Defines qualified historic property. Requires, among other things, that the historic property will be open to the public for a period of at least 20 years and will have reasonable admission fees.