WASHINGTON — U.S. Senators Roger Wicker, R-Miss., and Marco Rubio, R-Fla, today joined U.S. Senators Dianne Feinstein, D-Calif., Ted Cruz, R-Texas, Rick Scott, R-Fla., and Alex Padilla, D-Calif. in reintroducing the bipartisan, bicameral American Space Commerce Act, legislation which would continue to bolster U.S. leadership in the space industry, enhance public-private partnerships with American companies, and further increase U.S. innovation.
“The United States has been a leader since the beginning of the space race, and it is vital that we maintain our leadership,” Wicker said. “This legislation would help us maintain our advantage by supporting investments in our domestic space industry, and therefore keeping American companies competitive. With a vibrant stateside industry, I am sure our nation’s space capabilities will remain the envy of the world.”
“America’s commercial space industry is thriving, and its unique partnership with NASA is producing once unthinkable innovation and technological advances,” Rubio said. “Florida is at the center of incredible space innovation, which produces good paying jobs necessary for a strong economy and scientific breakthroughs that improve our daily lives. As nations, such as China and Russia, work to overtake us, we must do everything possible to ensure America’s leadership in space continues for generations to come.”
The American Space Commerce Act is designed to boost investment in space by extending full expensing treatment, currently available to all businesses under the Tax Cuts and Jobs Act of 2017, to “qualified domestic space launch property” for an additional ten years beyond current law.
Specifically, the American Space Commerce Act would:
- Extend the additional allowance of depreciation deduction under the Tax Cuts and Jobs Act (TCJA) for qualified domestic space launch property from December 31, 2023 until January 1, 2033 if the recovery period is less than twenty years;
- Define “qualified space launch property” as a space transportation vehicle or payload that is launched from the United States, or other property or equipment placed in service for the purpose of facilitating a space launch from the United States.
- Only consider a spacecraft launched from the United States if the spacecraft is substantially manufactured in the United States or launched from an aircraft on a flight that originated from the United States.
See the full legislative text here.