Bill: Vote Government Corporation Exemption Act

[greymc]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

EXEMPT GOVERNMENT CORPORATIONS FROM BALANCE TAXES




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The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:


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PART I — PRELIMINARIES

1. Short Title and Enactment

(1) This Act may be cited as the ‘Government Corporation Exemption Act’

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Avaneesh2008.

(4) This Act has been co-sponsored by Representative HatManMC.

(5) This Act amends the following acts:

(a) Taxation Act

2. Reasons and Intent

(1) Government Corporations should not have to deal with balance taxes.

PART II — AMENDMENTS

3. Amendments

(1) The following shall be enumerated as §16 of the Taxation Act:

16 - Government Corporation Balance Tax Exemption
1. A Government Corporation shall be defined as a legal entity that is 100% owned by and distributes 100% of profits to one or a combination of the following entities:
(a) Government of Redmont
(b) Government Departments
(c) Government Entities as defined in the Legal Entity Act or subsequent acts
(d) Federal Reserve Bank of Redmont
(e) Towns
2. All Government Corporations may be tax exempt on application to the Department of Commerce