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 that certain farm land included in the gross estate be valued according to its use as farm land.

Increases the estate tax exemption 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 of an estate to elect an estate tax credit in the amount of the excess of the amount of tax imposed on the transfer of the estate over the amount of tax that would have been imposed if the value of any property included in the gross estate which is farm property had been determined by its value as farm property.