An alternate Lorentz transformation, Absolute Lorentz Transformation (ALT), has similar kinematics to special relativity yet maintains absolute simultaneity in the context of a preferred reference frame. In this study, it is shown that ALT is compatible with current experiments to test Lorentz invariance only if the proposed preferred reference frame is locally equivalent to the Earth-centered non-rotating inertial reference frame, with the inference that in an ALT framework, preferred reference frames are associated with centers of gravitational mass. Applying this theoretical framework to cosmological data produces a scenario of universal time contraction in the past. In this scenario, past time contraction would be associated with increased levels of blueshifted light emissions from cosmological objects when viewed from our current perspective. The observation that distant Type Ia supernovae are dimmer than predicted by linear Hubble expansion currently provides the most direct evidence for an accelerating universe. Adjusting for the effects of time contraction on a redshift-distance modulus diagram produces a linear distribution of supernovae over the full redshift spectrum that is consistent with a non-accelerating universe.