Taxpayer Relief Act of 1997 Law and Legal Definition

Taxpayer Relief Act of 1997 is a federal Act that created several new tax deductions and tax credits in U.S. Signed by the then U.S. President Bill Clinton, the Act:

a) expanded the benefits of IRAs;

b) increased the amount of money that is tax-free from selling a home;

c) reduced the capital gains tax; and

d) created the HOPE Scholarship tax credit and other credits to help parents raise and educate their children.