Details of Public Law 119-21, section 70309 , One Big Beautiful Bill Act

This provision adds “spaceports” to the list of tax-exempt facility bonds, which expands the gross income exclusion for interest on tax-exempt facility bonds to include interest on bonds for which at least 95% of the net proceeds are used to finance a spaceport.

A spaceport located on land leased by the government could still be treated as owned by a governmental unit if the other requirements for tax-exempt facility bonds are met by the lease and sublease of the property.

This provision defines spaceports as facilities involved in manufacturing, assembling, or repairing spacecraft, flight control operations, and services located at or in close proximity for launching or reentering sites or transferring crew, spaceflight participants, or space cargo to and from spacecraft. Additionally, qualified spaceports do not need to be publicly accessible to qualify as a spaceport.