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Tax Breaks for Space Companies: Boosting US Rocket Launches

This new law introduces special tax benefits for companies involved in launching rockets and space vehicles from the United States. These businesses will be able to deduct investment costs for equipment and vehicles more quickly, aiming to encourage the growth of the American space industry. Citizens may indirectly benefit through job creation and the development of innovative technologies.
Key points
US space companies can deduct 100% of the cost of equipment and vehicles for space launches.
The benefit applies to vehicles and payloads launched from the US, and related equipment, including those launched from aircraft originating in the US.
These changes are effective for property placed in service after December 31, 2023, and will last until 2033.
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Additional Information
Print number: 118_HR_1363
Sponsor: Rep. Posey, Bill [R-FL-8]
Process start date: 2023-03-03
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Space Commerce Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1363.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-03.

What are the main provisions?

Key points include:

  • US space companies can deduct 100% of the cost of equipment and vehicles for space launches.
  • The benefit applies to vehicles and payloads launched from the US, and related equipment, including those launched from aircraft originating in the US.
  • These changes are effective for property placed in service after December 31, 2023, and will last until 2033.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Posey, Bill [R-FL-8].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Trade.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Economy Public Investments