American Space Commerce Act of 2023

American Space Commerce Act of 2023

This bill allows a special allowance for bonus depreciation for qualified domestic space launch property and extends the termination of such allowance until the end of 2032. The bill defines qualified domestic space launch property as property placed in service before January 1, 2033, that is (1) a space transportation vehicle or payload that is launched from the United States, or (2) other property or equipment placed in service to facilitate a space launch from the United States.

The American Space Commerce Act of 2023, also known as Bill 118 hr 1363, is a piece of legislation introduced in the US Congress with the aim of promoting and regulating commercial activities in space. The bill seeks to establish a framework for the commercial use of outer space, including the development of space resources and the operation of space-based businesses.

One of the key provisions of the American Space Commerce Act is the creation of a new office within the Department of Commerce, known as the Office of Space Commerce. This office would be responsible for overseeing and regulating commercial space activities, as well as promoting the growth of the space industry in the United States.

The bill also addresses issues related to space traffic management, requiring the Department of Transportation to develop a comprehensive plan for monitoring and regulating the movement of satellites and other objects in space. This is seen as crucial for ensuring the safety and sustainability of space activities. Additionally, the American Space Commerce Act includes provisions aimed at streamlining the regulatory process for commercial space launches and operations. This is intended to make it easier for companies to obtain the necessary permits and licenses to conduct space activities, while still ensuring that appropriate safety and environmental standards are met. Overall, the American Space Commerce Act of 2023 represents a significant step towards promoting the growth of the commercial space industry in the United States, while also addressing important regulatory and safety concerns.