A bill to amend the Internal Revenue Code of 1954 to increase the exemption for purposes of the Federal estate tax, to increase the estate tax marital deduction, and to provide an alternate method of valuing certain real property for estate tax purposes.

[AI summary unavailable — showing source text] Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $225,000 of the value of the gross estate. Provides for yearly increases in such exemption based on the increase in the Consumer Price Index. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted value of the estate tax exemption. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.…