SB 9106: Reservation Reinvestment Act of 2019 (Passed)

[YE]

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People's House of Representatives
Passed in the House of Representatives 6-0-0-3


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Sponsor: DC

24 hours to advocate, plus 72 hours to debate.

[Sestak]

I'll sponsor.

[YE]

Advocate for this when you get a chance.

[YE]

I really don't want to table this considering this passed the House but if there weren't so many slots, I would.

Honestly can someone under than Sestak sponsor something for a change?

[Sestak]

S**t, wait, did the forum eat my response to this? I was sure I'd advocated already.

[YE]

S**t, wait, did the forum eat my response to this? I was sure I'd advocated already.

Hint: Quote the House sponsor advocacy and quote it here.

[Sestak]

So this essentially helps revitalize reservation infrastructure, law enforcement, and education. The funding for this comes from repealing the option to use LIFO accounting to determine an entity's taxable income (which generally results in a lower-valued reported inventory at a given time) as well as other similar accounting provisions.

[Southern Senator North Carolina Yankee]

This needs a new Sponsor.

[Devout Centrist]

This needs a new Sponsor.

I'll sponsor

[Southern Senator North Carolina Yankee]

This needs a new Sponsor.

I'll sponsor

Senators have 24 hours to object to the honorable Senator Devout Centrist assuming sponsorship of SB 9106, Reservation Reinvestment Act of 2019.

[Southern Senator North Carolina Yankee]

Seeing no objection the motion is carried.

[Devout Centrist]

As the author of this bill, I want to reiterate some of the arguments I've made in favor of this bill.

The state of Reservations and tribal land in Atlasia is utterly appalling. Decades of inadequate funding, anti-indigenous policies, and neglect have created a situation where hundreds of thousands of people lack basic infrastructure. These conditions cannot continue and this bill will provide substantial aid to these communities. From Idaho to New york, Alaska to Illinois, Arizona to Florida, this bill will benefit millions of people both on and off of Reservations.

I urge my colleagues to approve this bill as soon as possible

[Southern Senator North Carolina Yankee]

While I am interested in the merits of this bill, one question I have though is in regards to section 6 of this bill. What is the resulting revenue gains from those changes and what is the economic impact of those changes?

[Devout Centrist]

While I am interested in the merits of this bill, one question I have though is in regards to section 6 of this bill. What is the resulting revenue gains from those changes and what is the economic impact of those changes?

Currently, the F-35 procurement program is slated to purchase about 1600 individual fighters starting in 2021. Purchases in 2017 accounted for $11.5 Billion and are expected to increase to $13 Billion per year. Eliminating procurement would save, conservatively, $57 Billion over 5 years.

Approximately 8.7% of firms use LIFO or LCM accounting. Eliminating these methods would save $52.5 Billion over 5 years. This accounting method states that the last goods purchased as the first goods sold. LCM allows a business to value its inventory below the cost on the open market, acting as a tool to avoid paying higher taxes.

This would effectively increase taxes for some businesses, but it would also bring Atlasia into compliance with the International Financial Reporting Standards board. Currently, Atlasia uses Generally Accepted Accounting Practices. This is a distinct regulatory framework from Europe, Asia, and most other countries. This change would help unify regulations between Atlasia and the rest of the world.

[Southern Senator North Carolina Yankee]

So what are we doing here?

[Devout Centrist]

So what are we doing here?

Well, if my colleagues have nothing more to add, I'm ready for a final vote. Unless you have some lingering questions about the bill; in which case, I'd be happy to answer them.

[YE]

24 hours to object to a final vote.

[YE]

Opening a 72 hour vote. All 3 active senators may vote.

[Devout Centrist]

Aye

[Southern Senator North Carolina Yankee]

AYE

[Pericles]

Aye

Lol YE.

[Zaybay]

AYE

[Southern Senator North Carolina Yankee]

I would call 24 hours for vote changes to expedite this for YE, but there are only 23 hours remaining on the original vote.

[MAINEiac4434]

Aye!

[Southern Senator North Carolina Yankee]

This can be ended YE