A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax and to provide extension of time for payment of estate tax where estates consist largely of interest in closely held businesses.

Amends the Internal Revenue Code to increase the estate tax exemption from $60,000 to $150,000. Requires the filing of a Federal estate tax return where the value of the gross estate exceeds $200,000.

Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return.

Defines the terms used in this Act.

Makes technical and conforming amendments.