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SPACE Tax Act

12/29/2022, 11:18 PM

Summary of Bill HR 7547

The SPACE Tax Act, also known as Bill 117 hr 7547, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to create a tax credit for investments in space-related industries.

The bill aims to incentivize private investment in space exploration and development by providing a tax credit to individuals or companies that invest in space-related businesses. This tax credit would be equal to a percentage of the investment made in qualifying space projects.

The SPACE Tax Act also includes provisions for the establishment of a Space Investment Fund, which would be used to support and promote investment in space-related industries. This fund would be managed by the Department of Commerce and would provide grants and loans to eligible space companies. Overall, the SPACE Tax Act is designed to stimulate growth and innovation in the space industry by providing financial incentives for private investment. It is hoped that this legislation will help to accelerate the development of new technologies and capabilities in space exploration, ultimately benefiting the US economy and national security.

Congressional Summary of HR 7547

Securing Protections Against Carbon Emissions Tax Act or the SPACE Tax Act

This bill imposes excise taxes on (1) the taxable space transportation of a passenger other than crew or a government astronaut, and (2) each taxable space launch of a space vehicle (i.e., any launch vehicle and any reentry vehicle).

Read the Full Bill

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Current Status of Bill HR 7547

Bill HR 7547 is currently in the status of Bill Introduced since April 21, 2022. Bill HR 7547 was introduced during Congress 117 and was introduced to the House on April 21, 2022.  Bill HR 7547's most recent activity was Referred to the House Committee on Ways and Means. as of April 21, 2022

Bipartisan Support of Bill HR 7547

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7547

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7547

SPACE Tax Act
SPACE Tax Act
Securing Protections Against Carbon Emissions Tax Act
To amend the Internal Revenue Code of 1986 to impose excise taxes on passenger space travel.

Comments

Sponsors and Cosponsors of HR 7547

Earl Blumenauer
Earl Blumenauer
OregonDemocrat

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