Establishment of Social and Economic Development Zones Bill (Law'd)

[MasterJedi]

Establishment of Social and Econonic Development Zones Bill

Preamble

The Senate recognises that both the current recession and the cumulative post-industrial changes in the Atlasian economy has had a disproportionate effect on industrial and agricultural communities across Atlasia leading to decline, unemployment, poor access to training, societal problems and family breakdown.

Section 1

a. The Senate will therefore establish Social and Econonic Development Zones (SEDZ) to target development and regeneration in such areas.

b. The responsibility of establishing and siting SEDZ's shall rest with regional governments

c. The Senate shall appropriate $500 million to each region to enable the establishment of SEDZ's and to fund improvements in infrastructure.

Section 2.

a. Within each SEDZ, federal taxation shall be suspended for any new or relocated business, commercial company, factory or farm as follows;

For 18 months if there is an annual pre-tax profit of less than $250,000
For 12 months if there is an annual pre-tax profit of between $250,001 and $500,000
For 6 months if there is an annual pre-tax profit of over $500,000

b. Beyond these periods, federal business and commercial taxes in SEDZ's will be pegged at 20% less than the national rate in 2009 and 2010. This arrangement will be reviewed in financial year 2011.

Section 3

a. Priority shall be given to SEDZ's by federal and regional governments when siting new or relocated offices and agencies of government.
Spon: Sen. Afleitch

[MasterJedi]

Since Afleitch hasn't said anything I hereby open up a vote on this amendment. Please vote Aye, Nay or Abstain.

I would like an amendment to 2b to read as follows:
b. Beyond these periods, federal business and commercial taxes in SEDZ's will be pegged at 20% less than the national rate in 2009 and 2010 or at 5%, whichever is greater. This arrangement will be reviewed in financial year 2011.

[MasterJedi]

Aye

With 8 Ayes, 0 Nays and 0 Abstentions this amendment has passed.

[MasterJedi]

I hereby open up a final vote on the bill below. Please vote Aye, Nay or Abstain.

You must be logged in to read this quote.

Aye

[MasterJedi]

This bill has enough votes to pass. Senators now have 24 hours to change their votes.

[MasterJedi]

With 9 Ayes, 0 Nays and 0 Abstentions this bill has passed. I hereby present it to the President for his signature.