Section 1: Title
This bill will hereby be known as the Innovation Industry TEA Act.
Section 2: Purpose
This bill is intended to provide the Southern region with a competitive advantage in the modern economy, providing jobs and wealth to citizens.
Section 3: Provisions
1. This bill provides for a total exemption from taxation for legally defined "Innovation Industries"
2. Innovation industries shall be defined as any legally incorporated firm that derives a majority of revenue through participation in:
I: Cryptocurrency mining or algorithm-based securities trading.
II: The production or transportation of chemicals for industrial or scientific use.
III: The production or transportation of petroleum, or firms which provide services related to the exploration and production of petroleum.
IV: The production, transportation, or sale of firearms.
V: The production, transportation, or business-to-business sale of any regionally or federally legalized and taxed recreational drugs. Recreational drugs will still be subject, however, to any applicable sales tax at public retail sale.
3. Eligibility
Any firm which wishes to obtain this tax exempt status must be legally headquartered within the Southern region.
4. Implementation
This bill will be effective on any commerce that takes place from time of passage onwards, as well as any firm specific taxation from fiscal year 2019 onwards. Firms may submit a request for the Innovation Industry tax exempt status from the time of passage.
