A bill to amend the Internal Revenue Code of 1954 to provide that the maximum reduction in valuation under the special estate tax valuation for certain farm, small business etc., real property shall be increased to $1,000,000 and to provide an inflation adjustment for such amount.

Amends the Internal Revenue Code to increase from $500,000 to $1,000,000, by specified annual increments from 1980 through 1984, adjusted for inflation, the aggregate decrease in the value of qualified real property taken into account for purposes of the special valuation of certain farms and other property for application of the estate tax. Requires annual adjustments for inflation in such maximum after 1984, according to a specified formula.