A bill to amend the Internal Revenue Code of 1954 to provide rules for Federal estate taxation more equitable that those presently in effect.

Allows an estate tax credit of $25,000 under the Internal Revenue Code.

Authorizes the executor of an estate to elect an additional credit of $15,000 if 65 percent or more of the value of the adjusted gross estate is attributable to a qualifying small business.

Reduces the additional credit by 15 percent of the amount by which the value of the taxable estate exceeds $300,000.

Defines the terms used in this Act.

Makes technical and conforming amendments.