Estate tax reform boosts exemptions for farms and small business
Congress enacts broad estate tax reform replacing the 1935 law with a credit system. Exemption rises toward 176000 by 1981, marital deduction expands, and property valued at current use. Tax payment period extends to 15 years with lower interest. Aims to preserve family farms and small businesses amid new rules. The note closes with a separate science fact about Earth's orbital year increasing slightly each century.