To amend the Internal Revenue Code of 1986 to increase the unified credit to an exclusion equivalent of $5,000,000.

H.R. 759 proposes to increase the federal estate and gift tax exemption to $5 million, significantly raising the threshold at which individuals must pay taxes on inherited assets or large gifts. By increasing this "unified credit," the bill would allow more individuals to pass on property and wealth to their heirs tax-free. Additionally, the legislation would simplify the tax code by repealing specific existing provisions related to family-owned business interests, as these would be covered under the higher general exemption.