Estate and Gift Tax Reform Act of 1981

Estate and Gift Tax Reform Act of 1981 - Amends the Internal Revenue Code to provide up to a $500,000 estate and gift tax exemption in lieu of the unified estate and gift tax credit.

Allows an unlimited estate and gift tax marital deduction.

Increases the annual gift tax exclusion from $3,000 to $6,000.

Reduces from 65 to 33 1/3 percent the percentage of an adjusted gross estate which must consist of an interest in a closely held business in order to qualify for the extension of the time for payment of estate tax. Removes the limitation on the amount of extended payment estate tax which may qualify for the four percent interest rate.