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Tax Law Changes Help Contractors by Len Pytlak, C.P.A. "The Taxpayer Relief Act of 1997" is the formal name of the new tax laws passed this summer by Congress and President Clinton as part of their budget deal, but a better name might be "The Tax Preparer's Full-Employment Act." The law had 800 changes and 300 additions to the already confusing laws and regulations. Fortunately, some of these were quite favorable to builders, as the building industry got much of what it lobbied for in the new tax packages. Here are a few highlights of those items affecting the industry. Sale of Principal Residence Effective May 7, 1997, up to $500,000 of the gain from the