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 ?
It should be apparent that the Taxpayer Relief Act of 1997 has added quite a bit of management flexibility to REITs.
To request a free copy of Understanding The Taxpayer Relief Act Of 1997 or any of Vanguard's other "Plain Talk" brochures, investors may call Vanguard toll-free: 1-800-523-8552.
LOS ANGELES--(BUSINESS WIRE)--March 24, 1999--If you remember the much publicized Taxpayer Relief Act of 1997, you may recall that many of the most significant provisions were not immediately available to taxpayers.
84-35 was issued prior to the Taxpayer Relief Act of 1997, which significantly amended Sec.
The Taxpayer Relief Act of 1997, Section 213(a), created code section 530, allowing a taxpayer to establish an education IRA--a trust or custodial account to pay a single named beneficiary's qualified education expenses (QEEs).
9) As amended by the Taxpayer Relief Act of 1997, section 1059(a)(2) requires immediate gain recognition whenever the basis of stock with respect to which any extraordinary dividend was received would be reduced below zero.
With these "529 investment plans," so named after section 529 in the Taxpayer Relief Act of 1997 and the Small Business Jobs Protection Act of 1996, earnings are federally tax-deferred until withdrawn, and may be free of state tax.
And many taxpayers will find things a bit more complicated this year due to the Taxpayer Relief Act of 1997.
Most changes in the Taxpayer Relief Act of 1997 became effective in 1998, so this is the first time most taxpayers are grappling with them," Weinstein said.
512(e) (3) by Taxpayer Relief Act of 1997 Section 1523 exempted SESOPs from UBIT on S earnings.
Although most of the provisions of the Taxpayer Relief Act of 1997 became effective in 1998, the home office rule changes did not take effect until January 1, 1999.
Under the Taxpayer Relief Act of 1997, family businesses will be exempt up to $650,000 in property next year, but can be taxed 37%-55% of their total assets beyond this amount on the death of a founder, spouse or single business owner.

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