A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax from $60,000 to $120,000.

Increases the exemption under the Internal Revenue Code, for purposes of the Federal estate tax from $60,000 to $120,000. Provides that where there is a gross estate of less than $120,000, a return with respect to such estate need not be filed by the executor.