A bill granting tax-exempt status to spaceport bonds has become law in Brevard County, according to Senate Bill 1029 signed by Governor Ron DeSantis. The legislation, sponsored by Senator Rick Scott and co-sponsored by Senator Debbie Mayfield, removes a major financial barrier for companies seeking to develop infrastructure at the Kennedy Space Center and nearby commercial spaceports. The change takes effect immediately, allowing bond issuers to avoid state income taxes on interest payments.
The move comes as SpaceX, Blue Origin, and other aerospace firms expand operations along the Space Coast. Local officials say the tax exemption will lower borrowing costs for private companies building launch pads, hangars, and other facilities. 'This is a win for jobs and innovation,' said Mayfield during a press conference at the Florida Space Institute. 'We’re giving businesses the tools they need to grow here.'
The space industry already employs over 25,000 people in Brevard County, according to a 2023 report by the Florida Space Coast Economic Development Commission. The tax exemption could accelerate plans for new launch sites at Cape Canaveral and the proposed Space Launch Complex 30 at the Kennedy Space Center. 'This law makes Florida more competitive with other states vying for aerospace investment,' said Scott in a statement.
The law applies to bonds issued for 'spaceport infrastructure' projects, including fuel storage, vehicle assembly, and ground support systems. Critics argue the exemption could divert resources from public education and healthcare, but supporters say the economic benefits will outweigh the costs. The Florida Department of Transportation is already reviewing proposals for new spaceport-related infrastructure projects that could qualify under the new law.