Proposed I.R.C. 142(p) – Spaceports

S. 3823 – Secure U.S. Leadership in Space Act of 2024, introduced by Sen. Rubio on February 28, 2024. Purpose: To treat spaceports like airports for purposes of the exempt facility bond rules. Highlights:

• Bill would allow tax-exempt financing for spaceports, including facilities for (a) manufacturing, assembling, or repairing spacecraft, space cargo, other facilities described in this paragraph, or any component of the foregoing, (b) flight control operations, (c) providing launch services and reentry services, or (d) transferring crew, spaceflight participants, or space cargo to or from spacecraft.
• The general public use requirement would not apply, and no volume cap would be needed.
• Property leased by a governmental entity from the federal government could be treated as owned by the governmental entity.
• Manufacturing facilities and industrial parks would be permitted.
• Rent, user fees and other charges paid by the federal government for use of the facility would not constitute a federal guarantee.