“A bill to amend the Internal Revenue Code of 1986 to treat spaceports like airports for purposes of exempt facility bond rules.”
No CRS summary available for this bill.
This section amends the Internal Revenue Code to add spaceports to the list of exempt facilities eligible for tax-exempt private activity bonds under Section 142(a)(1), similar to airports. It (1) provides a special rule in Section 142(b)(1)(C) treating spaceport property on land leased from the United States as owned by a governmental unit if lease requirements are met; (2) defines spaceport in new Section 142(p) as a facility at or near a launch or reentry site (terms as defined in 51 U.S.C. 50902) used for manufacturing, assembling, or repairing spacecraft or space cargo, flight control, launch or reentry services, or transferring crew, spaceflight participants, or space cargo, with no general public use requirement and an exception from manufacturing restrictions in Section 142(c)(2)(E); (3) excepts spaceport bonds from the federal guarantee prohibition in Section 149(b)(3) for U.S. government rent, user fees, or charges; and (4) excludes spaceport bonds from state private activity bond volume caps in Section 146(g)(7). The amendments apply to obligations issued after enactment.