Taxpayer Relief Act of 1997

The Taxpayer Relief Act of 1997 was a significant U.S. law aimed at reducing taxes and providing financial relief to individuals and families. It introduced key changes such as increasing the capital gains tax exclusion for homeowners, expanding education tax benefits, and providing credits for child care and adoption. Additionally, it established new Individual Retirement Accounts (IRAs) with higher contribution limits. Overall, the Act aimed to promote economic growth by allowing taxpayers to keep more of their earnings, encouraging home ownership, and making education more affordable.