A bill to amend the Internal Revenue Code of 1954 to increase and index the amount which may be excluded from taxable gifts each calendar year.

Amends the Internal Revenue Code to increase the exclusion amount from the computation of taxable gifts. Changes the formula for the quarterly calculation of such exclusion to $12,000 (currently, $3,000) of such gifts to the taxpayer plus (currently, minus) the aggregate of the amounts of such gifts to the taxpayer during all preceding calendar quarters of the calendar year. Requires adjustment of the $12,000 figure for cost-of-living increases registered in the Consumer Price Index.