A bill to amend the Internal Revenue Code of 1986 to phase in a full estate tax deduction for family-owned business interests and to increase the unified credit exemption.

Amends the Internal Revenue Code to phase-in an increase in the maximum deduction allowed for purposes of the family-owned business estate rule to $9.375 million beginning January 1, 2005. Phases-in an increase in the unified credit against estate and gift taxes to $2 million by 2006.