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H.R.2504: Zero Gravity, Zero Tax Act
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Posted by Mark Reiff () at 04:29 GMT on 18 Jul 2001
FYI,
"H.R. 2504 Zero Gravity, Zero Tax Act of 2001"
Sponsor: Rep. Dana Rohrabacher (R. CA)
Thomas Legislation Search Tool
http://thomas.loc.gov/cgi-bin/bdquery/z?d107:h.r.02504:
H.R. 2504 Bill Text
via SpaceRef.com
http://www.spaceref.com/news/viewsr.html?pid=3240
: To amend the Internal Revenue Code of 1986 to
: provide tax incentives for investing in
: companies involved in space-related activities.
: `(1) IN GENERAL- For purposes of this section,
: the term `space-related income' means--
: `(A) income derived from the sale by the
: taxpayer to an unrelated person of--
: `(i) any product or article which is produced by
: the taxpayer in outer space, and
: `(ii) any service provided by the taxpayer in or
: from outer space,
: `(B) income of an individual attributable to
: services performed in or from outer space by
: such individual in a trade or business, and
: `(C) any amount not described in subparagraph
: (A) or (B) which is interest, rent, royalty, or
: similar amount received with respect to
: production or service described in subparagraph
: (A) or (B).
: `(2) EXCEPTION FOR TELECOMMUNICATIONS SERVICES,
: ETC- Paragraph (1)(A)(ii) shall not apply to--
: `(A) any telecommunications service provided
: from earth orbit,
: `(B) any service provided by a weather or other
: earth observation satellite, and
: `(C) any other service provided on or before the
: date of the enactment of this section of
: transporting property to or from outer space.
: `(3) EXCEPTION FOR WAGES- Paragraph (1) shall
: not apply to wages (as defined in section 3401)
: received by any employee of an employer.
: `(c) EXCLUSION FROM TARIFFS, ETC- Any product--
: `(1) which is manufactured in outer space, and
: `(2) which was--
: `(A) launched from, and returned to Earth,
: within the United States, or
: `(B) manufactured at a facility in outer space
: which is owned by 1 or more United States
: persons,
: shall be exempt from all Federal excises,
: imposts, and duties and any other Federal
: tariffs.
: (c) EFFECTIVE DATE- The amendments made by this
: section shall apply to taxable years beginning
: after December 31, 2001.
: `(a) GENERAL RULE- For purposes of section 38,
: the space company investment credit determined
: under this section for any taxable year is the
: amount paid in the taxable year for the purchase
: of qualified stock in a qualified space company.
: `(b) QUALIFIED SPACE COMPANY- For purposes of
: this section--
: `(1) IN GENERAL- The term `qualified space
: company' means a domestic C corporation if for
: the 3-taxable-year period ending with the
: taxable year immediately preceding the taxable
: year in which qualified stock is purchased--
: `(A) the average annual gross receipts of such
: entity does not exceed $100,000,000, and
: `(B) more than 70 percent of such gross receipts
: are derived from space-based business.
Mark Reiff
Princess Masako delivery determination!! asuka (21 Nov 2001 07:48 GMT)
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