A bill relating to the effective date of the provision in the Economic Recovery Tax Act of 1981 which permits elections under section 2032A of the Internal Revenue Code of 1954 to be made on late estate tax returns.

Amends the Economic Recovery Tax Act of 1981 to retroactively apply provisions permitting an election for the special valuation of farms and small businesses based on use to be made on the decedent's tax return even if filed late. Permits the credit or refund of any overpayment of tax resulting from the exercise of an election on a late return which would otherwise be barred by law, if the claim for such credit or refund is made within six months after the enactment of this Act.