SB 105-11: TMTH Act (Passed)
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  SB 105-11: TMTH Act (Passed)
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Author Topic: SB 105-11: TMTH Act (Passed)  (Read 2303 times)
The world will shine with light in our nightmare
Just Passion Through
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« Reply #25 on: October 14, 2021, 02:07:45 AM »

Hearing no objection, the amendment is adopted.

I'm not sure what else there is to debate, unless someone thinks the benefits are too generous. 72 more hours for comments, questions, and amendments.
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« Reply #26 on: October 26, 2021, 07:45:36 PM »

Motioning for a final vote
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Joseph Cao
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Junior Chimp
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« Reply #27 on: October 26, 2021, 10:41:46 PM »

Seconding the motion.
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WD
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« Reply #28 on: October 26, 2021, 11:12:19 PM »

Thirding the motion.
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #29 on: October 27, 2021, 09:17:48 PM »
« Edited: October 28, 2021, 02:26:39 PM by President-elect Scott🎃 »

A final vote is now open. Senators, please vote Aye, Nay, or Abstain.

Quote from: Final Senate Text
Thrusting More ATlasians Into Homeownership Act (TMTH Act)

Section 1 - Eligibility
1. Any individual in Atlasia may open an account with a financial institution and designate the account as a first-time home buyer savings account.
2. This account shall be used to cover eligible expenses for the purchase or construction of a primary residence located within Atlasia.
3. The designated beneficiary must be a first-time homeowner who has not been the primary owner of a residence previously.

Section 2 - Tax Benefit
1. The following limits shall apply:
a. The maximum contribution to an account in any tax year shall be $12,500 for an individual and $25,000 for a married couple filing a joint return.
b. the maximum amount of all contributions into an account in all tax years shall be $96,000 for an individual and $48,000 $192,000 for a married couple filing a joint return.
c. the maximum total amount in an account shall be $200,000.
2. Individuals or married couples may claim a tax deduction for the total amount each year. The money may remain in the account for an unlimited duration.
3. Should the individual choose not to apply the funds of this account towards the purchase or construction of a home, the current income tax rate shall be applied to the account and a 10% penalty.

Section 3 - Implementation
1. The act shall go into effect beginning with the 2023 fiscal year.
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #30 on: October 27, 2021, 09:18:12 PM »

Aye
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WD
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« Reply #31 on: October 27, 2021, 09:29:00 PM »

Aye
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GM Team Member and Senator WB
weatherboy1102
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« Reply #32 on: October 27, 2021, 10:24:53 PM »

AYE
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Kuumo
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« Reply #33 on: October 27, 2021, 10:30:05 PM »

Aye
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AGA
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« Reply #34 on: October 27, 2021, 11:44:30 PM »

Abstain
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Southern Senator North Carolina Yankee
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« Reply #35 on: October 27, 2021, 11:47:45 PM »

Aye
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Spark
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« Reply #36 on: October 28, 2021, 07:40:52 AM »

Aye
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Saint Milei
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« Reply #37 on: October 28, 2021, 04:39:16 PM »

aye
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If my soul was made of stone
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« Reply #38 on: October 28, 2021, 11:28:31 PM »

AYE
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Joseph Cao
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« Reply #39 on: October 29, 2021, 10:04:18 AM »

Aye.
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #40 on: October 30, 2021, 01:06:14 AM »

The bill currently has enough votes to pass. Senators have until tomorrow at 10:17 PM EST to change their vote.

After this vote is complete, I'm in favor of discontinuing final votes for bills in the lame-duck session. The President is slow to sign bills and everyone is thinking about our transitory period. I wish to vacate my seat as soon as the vote is finished.
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #41 on: October 30, 2021, 10:51:12 PM »
« Edited: October 30, 2021, 10:55:31 PM by President-elect Scott🎃 »

With nine vote votes in favor, zero opposed, one abstention, and eight members not voting, the bill is passed.

Vote on the TMTH Act:

Aye (9): Scott, Western Democrat, Weatherboy, Kuumo, North Carolina Yankee, Spark, DeadPrez, discovolante, Joseph Cao
No (0):
Abstain (1): AGA

Didn't vote ( 8 ): FalteirnArc, KoopaDaQuick, Muad'dib, OBD, Old School Republican, Pericles, S019, tack50
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The world will shine with light in our nightmare
Just Passion Through
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E: -6.32, S: -7.48

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« Reply #42 on: October 30, 2021, 10:56:10 PM »

Quote
Thrusting More ATlasians Into Homeownership Act (TMTH Act)

Quote
Section 1 - Eligibility
1. Any individual in Atlasia may open an account with a financial institution and designate the account as a first-time home buyer savings account.
2. This account shall be used to cover eligible expenses for the purchase or construction of a primary residence located within Atlasia.
3. The designated beneficiary must be a first-time homeowner who has not been the primary owner of a residence previously.

Section 2 - Tax Benefit
1. The following limits shall apply:
a. The maximum contribution to an account in any tax year shall be $12,500 for an individual and $25,000 for a married couple filing a joint return.
b. the maximum amount of all contributions into an account in all tax years shall be $96,000 for an individual and $48,000 $192,000 for a married couple filing a joint return.
c. the maximum total amount in an account shall be $200,000.
2. Individuals or married couples may claim a tax deduction for the total amount each year. The money may remain in the account for an unlimited duration.
3. Should the individual choose not to apply the funds of this account towards the purchase or construction of a home, the current income tax rate shall be applied to the account and a 10% penalty.

Section 3 - Implementation
1. The act shall go into effect beginning with the 2023 fiscal year.

Passed 9-0-1-8 in the Atlasian Senate assembled,

Scott, President pro tempore
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tmthforu94
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« Reply #43 on: October 31, 2021, 11:03:28 PM »

Just saw this, am grateful y’all passed it nationwide and thanks for the shoutout!
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