To amend the Internal Revenue Code of 1986 to exclude from the gross estate the value of land subject to a qualified conservation easement if certain conditions are satisfied and to defer the reduction in estate tax rates.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code with respect to the estate tax, to exclude from the gross estate the value of land subject to a qualified conservation easement. Provides that this exclusion applies only to land that is located within 50 miles of a metropolitan statistical area. Defers the reduction in estate tax rates from 1993 until 1998.…