Taxpayer Relief Act of 1997

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Taxpayer Relief Act of 1997

Legislation forming part of a larger act designed to balance the federal budget. Some of the legislation's provisions included tax credits for taxpayers supporting children, an increase in the amount that could be excluded from estate taxes, and a lower capital gains tax rate.

Taxpayer Relief Act of 1997

Legislation in the United States devoted exclusively to lowering taxes. Among other things, it reduced the top capital gains rate to 20% from 28%, and nearly doubled the exemption from the estate tax. The Act also introduced a credit for each child under the age of 17 living at home; that is, a taxpayer could take a direct dollar-for-dollar reduction in his/her tax liability for each child subject to certain income limits. See also: Short-short test.
References in periodicals archive ?
Tenders are invited for 1098-T Taxpayer Relief Act Services
May 2, 2014 /PRNewswire-USNewswire/ -- The Pennsylvania Department of Education today released the Report on Referendum Exceptions for School Year 2014-15, which provides detailed information on the number of Pennsylvania school districts that have applied and been approved for exceptions under the Taxpayer Relief Act of 2006.
His topics included trustee notification requirements to beneficiaries; the American Taxpayer Relief Act of 2012; proposed Washington state legislation to allow real estate "transfer on death" deeds; and proposed Washington state retroactive estate tax legislation.
The American Taxpayer Relief Act of 2012 was enacted into law early in 2013 and, together with the Patient Protection and Affordable Care Act (PPACA) from 2010, impacts nearly all taxpayers, some in better ways than others.
The fiscal cliff and the subsequent American Taxpayer Relief Act are discussed by members in a number of news media outlets: Jeffery Coleman and Michael Marsh in the Dec.
Obama signed the 'American Taxpayer Relief Act of 2012' late on Wednesday, raising taxes on households earning above 450,000 U.
The Taxpayer Relief Act of 1997, Section 511(a) and (b)(1), repealed former Sec.
A The good news is that, due to the Taxpayer Relief Act of 1997, it is quite possible that you may not owe any capital gains taxes at all from the sale of your home.
The Taxpayer Relief Act of 1997 included a provision permitting taxpayers to transfer funds from traditional "front-end" IRAs to "back-end" Roth IRAs, deferring some taxes due on the transferred funds for as long as three years.
Buffalo, NY) has released A Legislative History of the Bush Tax Cut: The Economic Growth and Tax Relief Reconciliation Act of 2001, a 16-volume set that contains materials connected with the Act as well as documents related to tax cutting legislation proposed since the enactment of the Taxpayer Relief Act of 1997.
The Treasury Department and the IRS have issued Notice 2003-5 to provide guidance to taxpayers regarding the application of statutory changes to the foreign tax credit rules that were enacted as part of the Taxpayer Relief Act of 1997 but that apply only as of January 2003.
The Taxpayer Relief Act of 1997 created a reduced 18% capital gain tax rate for capital assets acquired after 2000 and held for five years.

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