Florida State Legislator Proposes Tax-Free Spaceport Bonds
Florida State Legislator Proposes Tax-Free Spaceport Bonds
Space Coast Rep. Tyler Sirois Looks to Increase Investments in Space
Florida State Representative Tyler Sirois has introduced a Memorial to the Congress of the United States urging Congress to add spaceports as a qualified tax exempt category of private activity bonds.
"Offering this tax exemption will not only benefit Florida, but it will have a profound impact on the entire country."
Robert Long, Space Florida
According to Sirois' measure introduced in the Florida house, commercial investment in space and space transportation is driving the requirements for spaceport sites, operating environments, and infrastructure, and Florida has acted decisively to integrate space transportation into the fabric of its statewide strategic intermodal system.
The Memorial goes on to state that in order for Florida to become the planet's premiere transportation hub for global space commerce; to facilitate the logistics and transport of commodities, materials, human crew, and robotic systems to operate facilities in various orbits, at earth-lunar waypoints, and on the Moon and to become the primary port of entry into earth's marketplace for products from space, spaceports should qualify as private activity bonds financing-exempt facilities under the Internal Revenue Code.
The action is non-binding, but it would formalize the position of the state legislature that the U.S. Congress should add spaceports as a qualified tax-exempt category of private activity bonds.
In a statement, Space Florida strongly supported Rep. Sirois' Memorial. “We are pleased to learn that Rep. Tyler Sirois has filed a House Memorial to the U.S. Congress requesting that spaceport facility bonds receive tax-exempt status. This forward-thinking initiative recognizes the critical role spaceports play in advancing the space industry, bolstering economic growth and enhancing our national security," said Robert Long, president and CEO, Space Florida, in a media release.
"In solidarity with Rep. Sirois, Space Florida recently submitted a letter to the Internal Revenue Service in support of this legislation, demonstrating the critical role spaceports play in our intermodal transportation infrastructure. Offering this tax exemption will not only benefit Florida, but it will have a profound impact on the entire country, solidifying America as a leader in the rapidly growing aerospace industry, now and for generations to come.”
The Memorial will be considered during the 2024 legislative session in Tallahassee, FL.