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Tax breaks for domestic space industry: 100% bonus depreciation allowance.

This Act amends the tax code to provide 100% bonus depreciation for businesses investing in qualified domestic space launch property. The goal is to boost the American space commerce sector and encourage significant capital investment in space technology within the US. While directly benefiting corporations, these tax incentives aim to foster job creation and enhance the nation's technological competitiveness, indirectly impacting the economy and job market for citizens.
Key points
Tax Changes: Introduces a 100% bonus depreciation allowance for qualified domestic space launch property, including space transportation vehicles and payloads.
Business Benefit: Companies placing this property in service after December 31, 2023, and before January 1, 2033, can immediately deduct the full cost from their taxable income.
Scope: The property must be used for space launches originating from the United States (including its possessions) or from aircraft flights originating in the US, provided the vehicle/payload is substantially manufactured domestically.
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Additional Information
Print number: 118_S_589
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2023-03-01
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Summarized by: gemini-flash-latest
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_S_589.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • Tax Changes: Introduces a 100% bonus depreciation allowance for qualified domestic space launch property, including space transportation vehicles and payloads.
  • Business Benefit: Companies placing this property in service after December 31, 2023, and before January 1, 2033, can immediately deduct the full cost from their taxable income.
  • Scope: The property must be used for space launches originating from the United States (including its possessions) or from aircraft flights originating in the US, provided the vehicle/payload is substantially manufactured domestically.
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 Sen. Rubio, Marco [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy