About: Taxpayer Relief Act of 1997

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The Taxpayer Relief Act of 1997 (Pub.L. 105–34 (text) (PDF), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) reduced several federal taxes in the United States. Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was later increased to $500 in 1999. This credit was phased out for high-income families. The top marginal long term capital gains rate fell from 28% to 20%, subject to certain phase-in rules. The 15% bracket was lowered to 10%. Roth IRAs were established, permanently exempting these retirement accounts from capital gains taxes.

Attributes	Values
rdfs:label	Taxpayer Relief Act of 1997 (en)
rdfs:comment	The Taxpayer Relief Act of 1997 (Pub.L. 105–34 (text) (PDF), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) reduced several federal taxes in the United States. Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was later increased to $500 in 1999. This credit was phased out for high-income families. The top marginal long term capital gains rate fell from 28% to 20%, subject to certain phase-in rules. The 15% bracket was lowered to 10%. Roth IRAs were established, permanently exempting these retirement accounts from capital gains taxes. (en)
dcterms:subject	United States federal taxation legislation United States federal reconciliation legislation Acts of the 105th United States Congress
Wikipage page ID	1606832 (xsd:integer)
Wikipage revision ID	1068156049 (xsd:integer)
Link from a Wikipage to another Wikipage	President of the United States Bill Clinton Republican Party (United States) United States Capital gains Lifetime Learning Credit United States federal taxation legislation Hope credit United States federal reconciliation legislation Washington Post Balanced Budget Act of 1997 Acts of the 105th United States Congress Child tax credit (United States) John Kasich Ohio Roth IRA Committee of the Whole House Stepped-up basis Reconciliation (Senate)
Link from a Wikipage to an external page	https://www.congress.gov/bill/105th-congress/house-bill/2014/all-actions%3Foverview=closed%23tabs https://clerk.house.gov/Votes/1997245 https://clerk.house.gov/Votes/1997350 http://projects.washingtonpost.com/congress/105/house/1/votes/350/ https://money.cnn.com/magazines/moneymag/moneymag_archive/1997/08/01/229754/index.htm https://www.scribd.com/doc/24597976/PL-105-34-Taxpayer-Relief-Act-of-1997 https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm%3Fcongress=105&session=1&vote=00160 https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm%3Fcongress=105&session=1&vote=00211
sameAs	Taxpayer Relief Act of 1997 Taxpayer Relief Act of 1997 Taxpayer Relief Act of 1997 Taxpayer Relief Act of 1997
dbp:wikiPageUsesTemplate	dbt:Nbsp dbt:Reflist dbt:Short_description dbt:USBill dbt:USPL dbt:USStatute dbt:UStaxation dbt:Use_American_English dbt:Use_mdy_dates dbt:Infobox_U.S._legislation dbt:US_tax_acts
effective date	1997-01-01 (xsd:date)
introducedby	John Kasich (en)
introduceddate	0001-06-24 (xsd:gMonthDay)
introducedin	House (en)
passedbody	Senate (en) House of Representatives (en) ] (en)
passeddate	1997-06-26 (xsd:date) 1997-06-27 (xsd:date)
passedvote	80 (xsd:integer) 253 (xsd:integer)
shorttitle	Taxpayer Relief Act of 1997 (en)
signeddate	1997-08-05 (xsd:date)
signedpresident	Bill Clinton
committees	Committee of the Whole House
enacted by	105 (xsd:integer)
has abstract	The Taxpayer Relief Act of 1997 (Pub.L. 105–34 (text) (PDF), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) reduced several federal taxes in the United States. Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was later increased to $500 in 1999. This credit was phased out for high-income families. The top marginal long term capital gains rate fell from 28% to 20%, subject to certain phase-in rules. The 15% bracket was lowered to 10%. Roth IRAs were established, permanently exempting these retirement accounts from capital gains taxes. The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years. The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006. As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. 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 exemptions for retirement accounts as well as education savings in the Hope credit and Lifetime Learning Credit. Some expiring business tax provisions were extended. (en)
agreedbody	Senate (en) House of Representatives (en)
agreeddate	1997-07-31 (xsd:date)
agreedvote	92 (xsd:integer) 389 (xsd:integer)
leghisturl	https://www.congress.gov/bill/105th-congress/house-bill/2014/all-actions%3Foverview=closed%23tabs
longtitle	An act to provide for reconciliation pursuant to subsections and of section 105 of the concurrent resolution on the budget for fiscal year 1998. (en)
prov:wasDerivedFrom	wikipedia-en:Taxpayer_Relief_Act_of_1997?oldid=1068156049&ns=0
page length (characters) of wiki page	6801 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Taxpayer_Relief_Act_of_1997
is Link from a Wikipage to another Wikipage of	Capital gains tax Amendments to the Internal Revenue Laws of the United States List of United States federal legislation, 1901–2001 List of acts of the 105th United States Congress List of economic expansions in the United States David Price (American politician) Dot-com bubble Individual retirement account Internal Revenue Code section 1031 Timeline of the 2000s United States housing bubble 105th United States Congress Commissioner v. Soliman Clinton v. City of New York Line Item Veto Act of 1996 Tom Campbell (California politician) 529 plan Amtrak Capital gains tax in the United States Causes of the 2000s United States housing bubble Form 1098-T Gold IRA History of taxation in the United States Child tax credit (United States) Economic policy of the Bill Clinton administration

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