Virginia Bill Would Direct Tax Revenues to Commercial Space Development
Pad OA at Wallops Island. (Credit: Orbital Sciences Corporation)
Jack Kennedy informs me that there’s a move afoot in the Virginia Legislature to direct tax dollars generated by commercial human space entities in the state to support the Virginia Commercial Space Flight Authority and development of the Wallops Island spaceport. The provision in Senate Bill 1447 reads:
> Income tax paid by commercial space flight entities. > > Beginning July 1, 2011, and for each fiscal year thereafter, the net revenue generated by the corporate income taxes paid by corporations that engage in commercial human spaceflights or commercial spaceflight training shall be transferred to the Virginia Commercial Space Flight Authority, established pursuant to Article 2 (2.2-2201 et seq.) of Chapter 22 of Title 2.2. The Tax Commissioner shall make a written certification to the Comptroller within 15 days of the close of each calendar quarter providing an estimate of the net revenue generated by the corporate income taxes paid by the corporations that engage in commercial human spaceflights or commercial spaceflight training in the calendar quarter. Not later than 30 days after the close of each quarter, the Comptroller shall transfer to the Virginia Commercial Space Flight Authority an amount from the general fund that is equal to the estimate provided by the Tax Commissioner. > > (…) Read the rest of Virginia Bill Would Direct Tax Revenues to Commercial Space Development (344 words) > > * * * > > (C) Douglas for Parabolic Arc, 2011. | Permalink | No comment | Add to del.icio.us Post > > Feed enhanced by Better Feed from Ozh