SB 113-40: Limiting Landlord Monopoly Act (Passed)

[Mr. Reactionary]

Limiting Landlord Monopoly Act

Title I: Defining The Law

a.Every Three Months, Landlords will report to the IRS about their income and money spent on repairs.

b. The Profit will be the Money gained from Tenants minus the money spent on repairs.

c. Any Money gained above $75,000 will be subject to a 10% tax increasing by 10% per $25,000 gained in profit above $75,000.

d. This Tax will be a Progressive Tax

Title II: What to do in case of Fraud

a. Should it come to the attention of the IRS that you have been misrepresenting how much money you are making, the punishments will be as follows:

- A Fine to consist of the misrepresented Money

- A Prison Sentence not to exceed 10 years

- Automatic Audits on your Income for the next 10 years

Title III: What the Tax is to be used for:

a. The Landlord Tax will be used to build Public Housing for Homeless People and to help them become productive members of Society again

Title IV: When this law will take Effect:

a. This law will take effect on May 1st 2023

Sponsor: Classic Liminal
Debate on this bill is now open.

[Mr. Reactionary]

This imposes quarterly reporting requirements for landlord income and taxes the largest landlords to fund public housing.

[Enduro]

Not sure how I feel about another tax, but I feel that there definitely needs to be more limits on how much land a single entity can own.

[Mr. Reactionary]

Not sure how I feel about another tax, but I feel that there definitely needs to be more limits on how much land a single entity can own.

I agree.

Last session we started by passing this:

...

8. It shall be considered an illegal antitrust violation for any foreign country or any investment firm or financial management service, other than a financial institution, to own or hold an ownership stake exceeding 10% in more than 50,000 residential rental properties or in more than 50,000 acres of commercial farmland. The Attorney General may prosecute such violations which shall be punishable by a fine of $10,000.00 per day. A court of competent jurisdiction shall also order any appropriate equitable relief, including but not limited to the divestment of residential rental properties or commercial farmland exceeding the cap.

I plan on voting for this bill too.

[Enduro]

Not sure how I feel about another tax, but I feel that there definitely needs to be more limits on how much land a single entity can own.

I agree.

Last session we started by passing this:

...

8. It shall be considered an illegal antitrust violation for any foreign country or any investment firm or financial management service, other than a financial institution, to own or hold an ownership stake exceeding 10% in more than 50,000 residential rental properties or in more than 50,000 acres of commercial farmland. The Attorney General may prosecute such violations which shall be punishable by a fine of $10,000.00 per day. A court of competent jurisdiction shall also order any appropriate equitable relief, including but not limited to the divestment of residential rental properties or commercial farmland exceeding the cap.

I plan on voting for this bill too.

10,000 a day??? That's awesome

[Southern Senator North Carolina Yankee]

I definitely share the concerns about landlord monopolies and over extension.

I have also personally experienced situations where landlords have shirked their responsibilities for property upkeep. One tried to avoid a repair demanded by the power company to the lines coming down to the breaker box and failing to do so would have left us in the dark.

[Mr. Reactionary]

I move for a final vote. 24 hours to object.

[Mr. Reactionary]

Motion passes. I will open the final vote tomorrow or Saturday for the next vote a rama.

[Mr. Reactionary]

A final vote is now open on this bill lasting until Wednesday Eastern at noon (102 Hours) or until everyone has voted, whichever occurs soonest. Please Vote Aye, Nay, or Abstain.

Limiting Landlord Monopoly Act

Title I: Defining The Law

a.Every Three Months, Landlords will report to the IRS about their income and money spent on repairs.

b. The Profit will be the Money gained from Tenants minus the money spent on repairs.

c. Any Money gained above $75,000 will be subject to a 10% tax increasing by 10% per $25,000 gained in profit above $75,000.

d. This Tax will be a Progressive Tax

Title II: What to do in case of Fraud

a. Should it come to the attention of the IRS that you have been misrepresenting how much money you are making, the punishments will be as follows:

- A Fine to consist of the misrepresented Money

- A Prison Sentence not to exceed 10 years

- Automatic Audits on your Income for the next 10 years

Title III: What the Tax is to be used for:

a. The Landlord Tax will be used to build Public Housing for Homeless People and to help them become productive members of Society again

Title IV: When this law will take Effect:

a. This law will take effect on May 1st 2023

[West_Midlander]

Nay

[Mr. Reactionary]

Aye

[At-Large Senator LouisvilleThunder]

Abstain

[fhtagn]

Abstain

[LAKISYLVANIA]

Aye

[PPT Spiral]

Aye

[Utah Neolib]

Abstain

[Deep Dixieland Senator, Muad'dib (OSR MSR)]

aye

[Enduro]

Aye, I have concerns over the amount of power this will give to the IRS, but I believe in housing homeless.

[Enduro]

Having realized that charity exists, I switch my vote to abstain.
I'm torn by this one. I believe that someone's home shouldn't be abused by a landlord, and I don’t think that real estate companies buying as much property as they can to is healthy long term for Atlasian citizens. However, I doubt that the IRS is the solution for this problem. I guess the tax will discourage monopolies, but the manpower and resources needed to keep up with the quarterly reports will see a net increase in that agency. An agency that tends to not work for the individual, but against them.
I really wish I had more time in real life to consider these votes more thoroughly.

[GM Team Member and Senator WB]

Aye

[West_Midlander]

After re-reading the bill, I switch to Aye.

[PragmaticPopulist]

Aye

[OSR stands with Israel]

Abstain

[Liminal Trans Girl]

Aye

[Southern Senator North Carolina Yankee]

Aye