The race to space continues, but this time it’s for vessels carrying tourists to outer space. Space tourism is becoming increasingly popular as more people want to travel into the great unknown and are willing to pay top dollar to do so.
Most businesses take tax credits into consideration when deciding where to locate their operations and spaceflight businesses are no different.
In Florida, for example, an income tax credit is offered to spaceflight businesses meeting certain job creation and investment requirements.
Other states, such as Oklahoma, have enacted various tax incentives in the form of tax credits for taxpayers investing in commercial space industry projects.
In addition to tax credits, states are looking for other incentives to attract companies to their jurisdictions. California, for example, is considering a bill that would prevent lawsuits against spaceship manufacturers and suppliers, reports an article in the San Jose Mercury News.
Texas, Florida, Virginia, and New Mexico have already passed similar laws, notes the article.
As the race to space continues, it will be interesting to see which companies benefit the most from these tax and nontax incentives.
For more information about space-related tax incentives, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
New Jersey recently amended its regulations to clarify the eligibility requirements for the technology business tax certificate transfer program, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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