A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax and to provide an alternate method of valuing certain real property for estate tax purposes.

Increases, under the Internal Revenue Code, the exemption for purposes of the Federal estate tax from $60,000 to $125,000. Provides an alternate method of valuing farmland and woodland used for the commercial production of trees for estate tax purposes.