Tax breaks for commercial space-related businesses are the focus of a bill proposed by Sen. Bill Nelson, D-Orlando, whose Commercial Space Jobs and Investment Act would allow businesses around centers like Kennedy Space Center to qualify for major tax breaks and other incentives.In up to five regional business enterprise zones, the bill would grant increased tax breaks or tax credits for equity investment, research, depreciation, and education and job training for the commercial space industry.
The Florida Democrat will discuss his plan Tuesday at KSC.
"President Kennedy was right when he predicted that space exploration would create a great number of new companies and strengthen our economy," Nelson said. "What we’re doing now is everything we can to ensure KSC's continued importance to our nation’s space exploration effort, while also broadening the economic opportunities along our Space Coast."
Since the tax breaks have no offsets, the new bill may find a chilly reception in Congress, which is conscious of the nation's $13 trillion debt as the election approaches in November. The bill's cost depends on how many space businesses and investors try to take advantage of the tax breaks, which the joint tax committee has yet to estimate, Nelson’s spokesman Bryan Gulley said.
Gulley added that offsets would be sought.
The fledgling commercial space industry would find it easier to attract investment under the conditions of the bill.
"This would draw capital," Frank DiBello, Space Florida president, said. "I see it as a significant incentive."
Meanwhile, a presidential task force is due to report to Obama on how to spend $40 million to help the Space Coast weather the loss of shuttle jobs. Some 8,000 workers are expected to lose their jobs with the shuttle's retirement.
8 comments:
did you notice senator bill is starting to look a lot like fire marshall bill.
all of a sudden Nelson thinks lower taxes are good ?
is it only for businesses (who tend to send campaign contributions, usually larger than individuals)
oh boy another plan
Bill Nelson is advocating this industry friendly bill because he's setting himself for a nice aerospace industry job after he quits the Senate. Thanks for nothing Bill. You and your friends in Congress have driven this country into the ground. Democrat, Republican, it doesn't matter. You've all done a terrible job at keeping this country productive. Tell yourself all the lies you want, but you've sat in the Senate and watched this train leave the rails. And all you can do is set yourself up for a golden parachute. Nice job, chump.
Oh, and I hope you enjoyed your little trip on the space shuttle. That trip takes the cake for taxpayer boondoggle. Why did you get to go into space? I forget.
Sheesh. I gotta go take my meds. I'm irked.
Too little, too late.
Tax breaks on what? Profits they might make. But no one has set up the right environment for a company to make profits. No company would pay taxes if it was losing money.
CharlesHouston
You would have employed more people and more investment in KSC by extending the Space Shuttle program 2016.
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