A bill to amend the Internal Revenue Code of 1954 to provide for the reduction or deferral of liability for the payment of a part of the Federal estate tax on farms the fair market value of which exceeds the value which such property would have if it were continued to be used as farm land.

Revises the Internal Revenue Code to allow an executor to elect to take an estate tax credit on to defer the payment of a portion of the estate tax equal to the difference between the estate tax imposed and what would be the estate tax liability if any qualified farm property included in the gross estate were valued on the basis of its use for farming.

Imposes a tax lien upon the qualified farm property with respect to which the executor has elected such credit.