- Parabolic Arc
- March 23, 2023
Florida Reps. Posey & Crist Reintroduce Bill to Extend Tax Breaks for Launch Providers
WASHINGTON, March 4, 2021 (Bill Posey/Charlie Crist PR) – U.S. Representatives Bill Posey (R-Florida) and Charlie Crist (D-Florida) reintroduced their bipartisan legislation to create American jobs, advance technology and keep America first in space. The American Space Commerce Act (H.R. 1369) supports American leadership in space by providing an incentive for American space firms to keep investing in America and launching from American soil.
The 2019 Report to Congress of the U.S. – China Economic and Security Review Commission states that “China is taking steps to establish a commanding position in the commercial launch and satellite sectors relying in part on aggressive state-backed financing that foreign market driven companies cannot match.” The report further adds, “China has already succeeded in undercutting some U.S. and other foreign launch and satellite providers in the international market, threatening to hollow out these countries’ space industrial bases.”
The American Space Commerce Act will level the playing field by extending existing space launch tax incentives for an additional ten years for companies that launch their payloads from the United States. By doing this the bill helps free up more capital to allow American space companies to continue to invest in developing new technology and launching future space missions from the United States.
“Our domestic space launch industry is in our national security interest and America is up against unfair trade practices from nations like China and Russia that heavily subsidize space launches,” said U.S. Rep. Bill Posey. “Our bill provides a powerful incentive for our space firms to keep investing to support America’s growing commercial space sector, further advancing our leadership in space and securing the ultimate military high ground for years to come. I thank my colleague, Congressman Crist, for joining me in introducing this legislation which is critical to both the state of Florida and our nation.”
“The U.S. aerospace industry plays a critical role in advancing our nation’s space exploration goals, national security posture, and global competitiveness,” said U.S. Rep. Charlie Crist. “I’m proud to work with Congressman Posey to introduce this bill to strengthen American leadership in space. The American Space Commerce Act will help shield the U.S. aerospace industry from unfair trade practices, promote our national security, and protect workers in communities across Florida and America.”
“Space Florida applauds the introduction of the American Space Commerce Act by Congressmen Posey and Crist. This bill will ensure that the US remains the world leader in space by supporting the development of domestic launch capabilities. It is the strength, innovation and agility of the commercial space marketplace which best enables American leadership in space,” said Space Florida President and CEO Frank DiBello.