- Rep. Tyler Sirois has filed a House Memorial to Congress, aiming to designate spaceports as private activity bonds financing-exempt facilities under the Internal Revenue Code.
- If accepted, this designation would grant tax-exempt status to spaceport projects, allowing them to issue bonds without federal income tax on the bond interest, encouraging investment in Florida’s spaceport infrastructure.
- The initiative aims to boost economic growth and maintain Florida’s position as a leader in the commercial space industry by integrating space transportation into the state’s strategic intermodal system.
Rep. Tyler Sirois on Wednesday filed a House Memorial to the United States Congress that seeks to designate spaceports as private activity bonds financing-exempt facilities under the Internal Revenue Code.
If accepted, Sirois’ filing would result in tax-exempt status for spaceport projects, ostensibly meaning that individuals, organizations, and investors involved in the development and operation of the facilities could issue bonds to raise funds without being subject to federal income tax on the bond interest.
The designation would likely encourage investment in Floridian spaceport infrastructure, stimulate economic growth, and maintain the state’s stature a leader in the commercial space industry.
“[C]ommercial investment in space and space transportation is driving the requirements for spaceport sites, operating environments, and infrastructure. This state has acted decisively to integrate space transportation into the fabric of its strategic intermodal system,” reads the memorial. “In order to become … the primary port of entry into earth’s marketplace for products from space, spaceports should qualify as private activity bonds financing-exempt facilities under the Internal Revenue Code.”
Florida already recognizes space travel as an official mode of transportation and has designated spaceports as transportation facilities, granting the sites a status equivalent to traditional transportation modes like airports and docks.
“Space is not simply a program,” Writes Sirois. “It is a collection of high-value destinations for freight and people, and these destinations require safe, reliable, and sustainable transportation operating on market-driven schedules.”
A House Memorial serves as an address to an executive agency or another legislative body, typically Congress, which expresses the consensus of the Florida Legislature or urges that certain action be taken on a matter within the jurisdiction of the agency or body to which it is addressed.
When both houses adopt the measure, the memorial is signed by the legislative officers and transmitted to the Secretary of State for presentation to the addressee. A memorial is not subject to the approval or veto powers of the Governor, is not subject to constitutional title requirements, and does not have the effect of law.