Formal Tax Legislation

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Formal Tax Legislation

The process by which tax legislation becomes law in the United States. As with all federal laws, formal tax legislation requires the consent of both houses of Congress and the approval of the President (or a congressional override of a presidential veto by a two-thirds vote in both houses). However, unlike other laws, tax bills must be introduced in the House of Representatives. This is because the House is supposed to represent individual citizens, rather than whole states, as with the Senate. Formal tax legislation must work its way through the House Ways and Means Committee before its approval by the House; after this, the bill goes to the Senate Finance Committee and, if approved, moves to the whole Senate.
References in periodicals archive ?
Contract notice: the organization of specialized training in the field of topical issues and changes in tax legislation and the practice of bulgarian and european court in two independent lots, as follows
The new edition is based on the current Cyprus tax legislation and practice, including the latest changes in all the direct and indirect tax legislations.
The National League of Cities remains firm in our belief that remote sales tax legislation is good for local businesses and local communities in America.
FINANCE MINISTER JaneTER Jane Hutt has committed to consulting widely on new tax legislation following the First Minister's announcement that a landmark law on tax collection and management would be brought forward in this Assembly term.
The associated tax legislation is subject to debate by the Coalition Government and opposition.
She clarified that the luxury properties, which in October were "spied on" by National Revenue Agency helicopters, do not fit the aim of the proposed new tax legislation, as they are illegal.
Summary: The 2009 additional Finance Act strengthens the fight against tax evasion and adapts tax law to new accounting standards, the Finance Ministry's Tax Legislation Director General said Wednesday here.
The 1031 Exchange has become one of the most significant estate tax planning techniques in a dwindling list of estate tax strategies due to the various tax reform statutes that have eliminated many windfalls and loopholes which are the unintended but inevitable result of clever people poking at the soft underbelly of tax legislation.
Sent approximately biweekly, these e-mails will alert you to important tax legislation and IRS and court rulings on important practical developments affecting individuals and small businesses.
On April 18, TEI submitted a series of recommendations for improvements to Canada's tax legislation to the new Canadian government.
After major tax legislation is enacted there is often a technical corrections act to fix the unintended errors or omissions in the original legislation.
BP warned that storm damage could cost it more than pounds 400m in the third quarter of this year, setting the tone for a poor session Insurer Legal & General also warned of a one-off hit of up to pounds 500m from new UK tax legislation.