Law Summary
Effectivity of the Act
- The Act takes effect immediately upon its approval.
- No additional conditions or delays are provided for the effectivity of this legislation.
Legislative Purpose
- Essentially, the law serves to extend the duration of increased taxes introduced by earlier amendments to the National Internal Revenue Code.
- It places temporal limitations on tax increases to ensure they remain temporary unless Congress decides otherwise.
Scope and Impact
- The amended provision directly affects tax collection under the National Internal Revenue Code.
- By limiting the duration of increased taxes, it ensures fiscal adjustments are subject to legislative review.
- This promotes accountability and allows Congress to reconsider tax policies periodically.
Key Legal Concepts
- Temporary taxation measures: Increased taxes are not permanent and must be reviewed.
- Congressional authority: Only Congress can extend the duration beyond the specified date.
- Immediate effectivity: The law and its provisions come into force as soon as approved.