A bill to amend the Internal Revenue Code of 1954 to increase the estate tax exemption and the gift tax exclusion.

Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000.

Increases the gift tax exclusion from $3,000 to $10,000.

Increases the specific exemption allowable in computing the amount of taxable gifts for a calendar quarter from $30,000 to $100,000.