A bill entitled "The Family Farm Estate Tax Reform Bill."

Increases the value of exemptions for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate.

Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000.

Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.