A bill to amend the Internal Revenue Code of 1954 as it relates to the Federal estate tax, to increase the individual exemption, to provide an alternate method of valuing for estate tax purposes certain real property including that listed on the National Register of Historic Places, in order to encourage the preservation of open lands and historic places if they continue to be used as such for at least 5 years after the estate tax is applicable.

Provides, under the Internal Revenue Code, that real property which is farmland, woodland, or open land and forms part of an estate may be valued, for estate tax purposes, at its value as farmland, woodland, or open land (rather than at its fair market value).

Provides that real property which is listed on the National Register of Historic Places may be valued, for estate tax purposes, at its value for its existing use. Provides for the revocation of such lower evaluation and recapture of unpaid taxes with interest upon the conversion, rezoning, or removal of such land from the National Register of Historic Places.

Increases the Federal estate tax exemption under the Internal Revenue Code.