SB 115-29 The Land Act (Final Vote)

[Sirius_]

I do believe that the RAILS act was supposed to come to the floor before this one

[Sirius_]

I do believe that the RAILS act was supposed to come to the floor before this one

It has come to the floor? We just passed it.

The Rail Fails act and the RAILS act are two different things.

[Sirius_]

If this is going to remain on the floor, I'll proceed with my advocacy. This is an act to establish a land value tax at the federal level. A land value tax is a tax leveled on the unimproved value of land, and not what is built on it like a property tax. The majority of economists agree that along with being a good source of revenue, taxing land is beneficial to the economy. This is because the tax encourages land to be used productively. It encourages development in cities where property values are high, as the tax would be higher in those areas making inefficient use of land financially unsustainable, which will help alleviate housing shortages and save money on infrastructure spending. The tax also makes land speculation unprofitable, as holding land for extended periods becomes expensive. This bill also excludes non-profits from taxation and lifts any restrictions on LVT from lower levels of government (I would encourage regions to adopt their own land taxes).

[Sirius_]

I would urge the Senate to oppose the proposed tax cut for corporations (§II-2).

It can be increased again as needed, but I intended this bill not to increase taxes but to change how they are collected.

[Sirius_]

Aye

[Sirius_]

Aye (9): Nerd, Spiral, Cao, Lakigigar, UNL, Sirius, Christian Man, Scott, LT
Nay (1): West_Midlander
Abstaining (1): MB
Not Voting (7): Mr. Reactionary, Muaddib, OSR, AFE, Pericles, Griffin, Mongoose

The Land Act

An act to implement land value taxation

I. Federal Land Value Tax

1. For each fiscal year, a tax shall be levied on the value of all land held by private individuals and entities. The appraised value of land shall be taxed at a rate of 1% for the first $1,000,000 and 2% for all value above $1,000,000.
2. Land held by non-profit non-governmental organizations shall be exempt from this tax.
3. The market value of land shall be fairly appraised by the Internal Revenue Service every five years. The IRS may stagger appraisal dates by region.

II. Other Tax Adjustments

1. The federal government, nor any region or state, shall not pass any law which restricts the ability of lower levels of government to levy a tax on the value of land. All such laws which currently exist shall be voided.
2. The rate of corporate tax shall be reduced to 23%.
3. The lowest five income tax brackets shall be reduced by 1%.

III. Timing

1. This act shall take effect at the start of the next fiscal year.
2. The IRS shall begin appraising the value of land immediately after the passage of this act.

Passed in the Senate of the Republic of Atlasia 9-1-1-7

x Sirius, Deputy PPT