A bill to amend the Internal Revenue Code of 1954 to exempt certain farm property from the estate tax.

Amends the Internal Revenue Code to exclude from a decedent's gross estate for purposes of the estate tax the value of real property used in farming. Excludes up to the first $400,000 of the value of the farm property and certain percentages of the value in excess of $400,000. Requires a percentage reduction of the amount of the exclusion for farm property in excess of $600,000.