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 ?
The preliminary assessment of the impact of the new tax legislation is a negative impact in the fourth quarter 2017 with an expected positive impact on the company's future after-tax earnings, and is subject to, among other things, the clarification and implementation of the new tax legislation by regulatory bodies.
The Uzbek-Kyrgyz agreement on tax legislation issues entered into force on December26, 2017, the Uzbek Foreign Ministry said in a statement on December 28.
Summary: "The tax reform process in Tunisia will end in 2019," said Sihem Nemssia Boughdiri, Director General of Studies and Tax Legislation at the Ministry of Finance Speaking on the sidelines
WASHINGTON -- The National Retail Federation (NRF) has welcomed the release of draft online sales tax legislation by House Judiciary Committee chairman Robert Goodlatte (R- Va.
cy/tax-facts-figures , is based on the current Cyprus tax legislation and practice, including the latest changes in all the direct and indirect tax legislations.
Presenting the compromise concept of the tax reform, Minister of Finance Nathalie Jaresko emphasized the necessity to sort out overdue problems in the tax legislation, since the current tax system is complicated, difficult to understand and exposed to biased approach and corruption.
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.
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.
audit holding is conditioned by the fact that the tax legislation of the republic is complex and needs simplification.
BANKING AND CREDIT NEWS-December 11, 2013-Draft tax legislation published by UK government
M2 EQUITYBITES-December 11, 2013-Draft tax legislation published by UK government
The associated tax legislation is subject to debate by the Coalition Government and opposition.