Taxpayer Relief Act of 1997
E914740
The Taxpayer Relief Act of 1997 is a major U.S. federal law that significantly reduced taxes for individuals and families, particularly those with children, through a range of credits, deductions, and capital gains tax cuts.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax reform law ⓘ |
| affectedTaxType |
capital gains tax
ⓘ
corporate income tax ⓘ estate tax ⓘ individual income tax ⓘ |
| amendedStatute | Internal Revenue Code of 1986 NERFINISHED ⓘ |
| budgetContext | part of 1997 budget reconciliation process ⓘ |
| codifiedIn | Title 26 of the United States Code NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| createdAccountType |
Education IRA
NERFINISHED
ⓘ
Roth Individual Retirement Arrangement NERFINISHED ⓘ |
| createdTaxCredit |
Child Tax Credit
NERFINISHED
ⓘ
Hope Scholarship Credit NERFINISHED ⓘ Lifetime Learning Credit NERFINISHED ⓘ |
| dateSigned | 1997-08-05 ⓘ |
| enactedBy | 105th United States Congress NERFINISHED ⓘ |
| expandedDeduction | student loan interest deduction ⓘ |
| followedBy | Economic Growth and Tax Relief Reconciliation Act of 2001 NERFINISHED ⓘ |
| historicalSignificance | one of the largest tax cut packages of the 1990s ⓘ |
| introducedChildCreditPhaseout | income-based phaseout for Child Tax Credit ⓘ |
| introducedConcept | Roth IRA NERFINISHED ⓘ |
| introducedEducationProvision | Education IRA (later Coverdell Education Savings Account) NERFINISHED ⓘ |
| introducedEstateTaxChange | increased unified credit for estate and gift taxes ⓘ |
| introducedHomeSaleProvision | exclusion of gain on sale of principal residence (up to specified limits) ⓘ |
| introducedPolicy | $500-per-child nonrefundable Child Tax Credit (initial amount) ⓘ |
| introducedSmallBusinessProvision | favorable capital gains treatment for certain small business stock ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| legislativeChamberOfOrigin | United States House of Representatives NERFINISHED ⓘ |
| longTitle | An Act to provide for reconciliation pursuant to subsections (b)(2) and (d) of section 105 of the concurrent resolution on the budget for fiscal year 1998 ⓘ |
| modifiedProvision | Traditional IRA rules ⓘ |
| negotiatedWith | Clinton administration NERFINISHED ⓘ |
| policyArea |
education policy
ⓘ
family policy ⓘ retirement policy ⓘ taxation ⓘ |
| precededBy | Omnibus Budget Reconciliation Act of 1993 NERFINISHED ⓘ |
| presidentAtSigning | Bill Clinton NERFINISHED ⓘ |
| primaryPurpose |
expand tax-favored savings for education and retirement
ⓘ
provide tax relief for families with children ⓘ reduce capital gains taxes ⓘ reduce federal tax burden on individuals and families ⓘ |
| publicLawNumber | Public Law 105-34 NERFINISHED ⓘ |
| reducedTaxRate | maximum long-term capital gains rate for individuals ⓘ |
| shortTitle | Taxpayer Relief Act of 1997 NERFINISHED ⓘ |
| signedBy | Bill Clinton ⓘ |
| sponsoredBy | Republican congressional leadership ⓘ |
| yearEnacted | 1997 ⓘ |
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.