The Taxpayer Relief Act of 1997 reduced the maximum tax rate on net long-term capital gains incurred by individuals, trusts and estates from 28 to 20 percent (10 percent for taxpayers in the 15 percent tax bracket).
The act further reduced the capital gains rate for a qualified five-year gain, generally defined as the aggregate long-term capital gain from the sale of property acquired after Dec. 31, 2000, and held for more than five years. The maximum tax rate for such qualified five-year gains is 18 percent (8 percent for individuals in the 15 percent tax bracket).
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