A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to remove the 50-percent limitation on the marital deduction, and to provide an alternate method of valuing certain real property for estate tax purposes.

Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate.

Repeals the 50 percent limitation of the adjusted gross value of the estate on the aggregate of marital deductions.

Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.