A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction, and to provide an alternate method of valuing certain real property used for farming for estate tax purposes.

Increases the exemption for purposes of the Federal estate tax imposed under the Internal Revenue Code from $60,000 to $200,000.

Increases the estate tax marital deduction, and provides an alternate method of valuing real property used for farming according to its use as farm land if, during the 60-month period ending with decedent's demise, 70 percent or more of his income was derived from farming.