A bill to amend the Internal Revenue Code of 1954 to exclude the value of the principal residence of a decedent from the decedent's gross estate, to increase the estate tax where the estate consists largely of interest in a closely held business, to extend the date on which the first installment of estate tax is due, and to terminate the interest payment requirement on installments of the estate tax.

Excludes the value of any principal residence held by the decedent in determining the value of the estate on which such residence is located for purposes of the estate tax provisions of the Internal Revenue Code.

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

Authorizes a five-year extension in the time for paying the first installment due from a taxpayer where the estate consists largely of an interest in a closely held business.