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A BILL TO BE ENTITLED
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AN ACT
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relating to an exemption from the franchise tax for certain |
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qualified space companies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 171, Tax Code, is amended |
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by adding Section 171.089 to read as follows: |
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Sec. 171.089. EXEMPTION: QUALIFIED SPACE COMPANY. (a) In |
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this section: |
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(1) "Qualified space company" means a corporation, |
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partnership, or other business entity primarily engaged in the |
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research, development, manufacturing, testing, or launching of |
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satellites, spacecraft, space vehicles, or related technologies |
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from locations in this state. |
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(2) "Satellite" means an artificial object and its |
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components that is intentionally placed into orbit around Earth or |
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another celestial body, including an object used to facilitate |
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communications, observe weather conditions, or carry scientific |
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instruments or observation platforms used for data collection, |
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broadcasting, or other services. |
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(3) "Spacecraft" means a vehicle or device and its |
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components designed for travel or operation in space, including a |
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crewed or uncrewed vessel used for exploration, transportation, |
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scientific research, communication, or defense purposes. |
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(4) "Space vehicle" means a vehicle or craft and its |
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components that is specifically designed to carry payloads, |
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satellites, equipment, or people into space, including a launch |
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vehicle, rocket, space shuttle, or other system used to transport |
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objects or people beyond the Earth's atmosphere. |
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(b) A qualified space company is exempted from the franchise |
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tax. |
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SECTION 2. Section 171.089, Tax Code, as added by this Act, |
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applies only to a report originally due on or after the effective |
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date of this Act. |
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SECTION 3. This Act takes effect January 1, 2026. |