A coalition of US Senators and Members of the House of Representatives have filed the Secure U.S. Leadership in Space Act of 2024 to incentivize investment in the American space industry.
Senators Marco Rubio (R-FL) and Ben Ray Luján (D-NM) introduced the bill in the Senate while Representatives Neal Dunn (R-FL) and Salud Carbajal (D-CA) led the House effort.
The Space Act would enable spaceports to offer tax-exempt municipal revenue bonds to incentivize investment in spaceport infrastructure.
According to Senator Rubio’s office, other projects, such as airports and docks, have harnessed their bond-producing eligibility to attract growth-spurring investment. Spaceports, Rubio claims, should be afforded the same eligibility.
China’s rapidly growing space programs has prompted US lawmakers to encourage increased investment into the US’s space industry.
In 2023, China achieved a new milestone, reportedly carrying out 67 space launch missions, which ranks it second to the U.S’s 109 launches.
China has stated it seeks to launch 100 space missions in 2024.
“As our adversaries continue to grow their space programs, the U.S. must continue to develop its space infrastructure,” stated Rubio.
As our adversaries continue to grow their space programs, the U.S. must continue to develop its space infrastructure.
Introduced legislation with @SenatorLujan to incentivize investment in space ports.https://t.co/MplQViaxw5 pic.twitter.com/rExmLWNlCj
— Senator Marco Rubio (@SenMarcoRubio) February 28, 2024
If the Space Act is signed into law, spaceports would be able to begin issuing tax-exempt bonds immediately.
“Our airports and seaports receive tax-exempt bonds, and our spaceports should have the same opportunity,” emphasized Representative Dunn.
Senator Lujan, who’s home state of New Mexico houses ‘Spaceport America’, the first purpose-built commercial spaceport in the world, similarly underscored the urgency of the bill.
“As our adversaries are quickly investing in space infrastructure, our country cannot fall behind,” warned Lujan.
AS of 2023, the Space Economy Market is estimated to be worth $ 518.48 billion. If passed, the Space act could propel the space industry to reaching its projected 2030 value of $ 1,110.84 billion.
