- Taxpayer Relief Act of 1997
The Taxpayer Relief Act of 1997 (Public Law 105-34) reduced several federal taxes in the
Subject to certain phase-in rules, the top
capital gainsrate fell from 28% to 20%. The 15% bracket was lowered to 10%.
1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999. This credit was phased out for high income families.
The act exempted from taxation profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles.
The $600,000 estate tax exemption was to increase gradually to $1 million by the year
Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in
1999, the $10,000 annual gift tax exclusion was to be corrected for inflation.
The act also provided tax relief for education savings and retirement accounts. Some expiring business tax provisions were extended.
It was signed into law by President
Bill Clintonon August 5, 1997.
This was the first law devoted solely to tax cuts that Congress enacted using the fast-track budget reconciliation process.
Final House vote,
July 30, 1997:
Final Senate vote,
July 30, 1997:
* [http://www.doleta.gov/OMBCN/WOTC/PL_105_34.pdf Taxpayer Relief Act of 1997 (Public Law 105-34)]
* [http://thomas.loc.gov/cgi-bin/query/z?c105:H.R.2014: Taxpayer Relief Act of 1997 (Bill Number H.R.2014)]
* [http://money.cnn.com/magazines/moneymag/moneymag_archive/1997/08/01/229754/index.htm HOW A CAPITAL-GAINS CUT WILL CHANGE THE WAY YOU INVEST] from CNNMoney.
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