Independent Contractor Tax Reform Act of 1997

Independent Contractor Tax Reform Act of 1997 - Amends the Internal Revenue Code to consider a service provider as not being an employee if: (1) the provider can realize a profit or loss, can incur unreimbursed expenses, and makes a time-limited or task-limited agreement; (2) the provider has a principal place of business, does not primarily provide service at a single service recipient's facilities, pays fair rent for the use of the recipient's facilities, or operates primarily with equipment not supplied by the recipient; and (3) there is a written contract providing that the provider will not be treated as an employee for Federal tax purposes. Considers (in addition) a provider as not an employee if: (1) there is such a written contract; and (2) the provider is a corporation or limited liability company and does not receive benefits that the recipient's employees receive. Regulates the treatment of determinations by the Secretary of the Treasury that a service provider should have been treated as an employee.