Two congressmen in the Florida delegation have teamed up on the “American Space Commerce Act” which will encourage American space firms to continue to invest in the U.S., including launching from American soil.
At the end of last week, U.S. Rep. Bill Posey, R-Fla., introduced the bill with U.S. Rep. Charlie Crist, D-Fla., as a cosponsor. The congressmen showcased the bill on Monday.
“Our domestic space launch industry is in our national security interest and America is up against unfair trade practices from nations like China and Russia that heavily subsidize space launches,” said Posey. “Our bill provides a powerful incentive for our space firms to keep investing to support America’s growing commercial space sector, further advancing our leadership in space and securing the ultimate military high ground for years to come. I thank my colleague, Congressman Crist, for joining me in introducing this legislation which is critical to both the state of Florida and our nation.”
“The U.S. aerospace industry plays a critical role in advancing our nation’s space exploration goals, national security posture, and global competitiveness,” said Crist. “I’m proud to work with Congressman Posey to introduce this bill to strengthen American leadership in space. The American Space Commerce Act will help shield the U.S. aerospace industry from unfair trade practices, promote our national security, and protect workers in communities across Florida and America.”
The two congressmen pointed to the U.S. – China Economic and Security Review Commission’s report to Congress last which found that “China is taking steps to establish a commanding position in the commercial launch and satellite sectors relying in part on aggressive state-backed financing that foreign market-driven companies cannot match” and “China has already succeeded in undercutting some U.S. and other foreign launch and satellite providers in the international market, threatening to hollow out these countries’ space industrial bases.”
Posey’s bill continues space launch tax incentives currently in place for another ten years with the congressman’s office insisting that doing so will free up more capital which can be invested in new technology and in actual launches.
The bill was sent to the U.S. House Ways and Means Committee last week. So far, there is no companion measure over in the U.S. Senate.
Reach Kevin Derby at email@example.com.