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 for estate tax purposes.

Increases the exemptions for taxable estates under the Internal Revenue Code from $60,000 to $150,000 of the value of the gross estate. Increases the estate tax marital deduction.

Permits the executor of an estate to elect an alternate valuation for lands used for farming, woodland, or scenic open space during the five years preceding the death of the decedent.