A bill to amend the Internal Revenue Code of 1954 as it relates to the Federal estate tax, to increase the individual exemption when real property is involved, to provide an alternate method of valuing for estate tax purposes certain real property including that listed on the National Register of Historic Places, in order to encourage the preservation of open lands and historic places if they continue to be used as such for at least 5 years after the estate tax is applicable.

Provides, under the Internal Revenue Code, that real property which is farmland, woodland, open space or is listed in the National Register of Historic Places may be valued for Federal estate tax purposes at its value for its existing use, rather than at its fair market value.

Provides for the revocation of such lower valuation and recapture of unpaid tax with interest upon the conversion, sale, or rezoning of such property for another use within five years of the date when the return for the tax was filed.

Provides for an increase in the individual exemption of the Federal estate tax.