Florida's Space Coast: Sen. Moody says new tax-exempt status for spaceport bonds will lead to major growth

New tax-exempt status for spaceport bonds

U.S. Sen. Ashley Moody announced a "major victory" for Florida's Space Coast on Friday. Moody said new legislation passed last week will make spaceport bonds eligible for tax-exempt private activity bonds (PABs).

BREVARD COUNTY, Fla. - U.S. Sen. Ashley Moody announced a "major victory" for Florida's Space Coast on Friday. Moody said new legislation passed last week will make spaceport bonds eligible for tax-exempt private activity bonds (PABs).

The tax-exempt status for spaceport bonds is a significant development for Florida, enabling new investments and fostering innovation in the state's thriving space industry. 

‘Major victory’ for Florida's Space Coast

What we know:

Moody unveiled the new legislation at a press conference on Friday afternoon in Brevard County. Moody was joined by Space Florida CEO Rob Long, Embry-Riddle Aeronautical University President Barry Butler, University of Central Florida (UCF) Provost Dr. Greg Autry and other aerospace industry leaders.

The law, the Secure U.S. Leadership in Space Act, was recently signed as part of the "One Big Beautiful Bill Act," and makes spaceport bonds eligible for tax-exempt private activity bonds (PABs).

SIGN-UP FOR FOX 35'S BREAKING NEWS, DAILY NEWS NEWSLETTERS

The law is aimed at expanding the United States' leadership in the space industry and applies to all spaceports, not just the Sunshine State's. Moody said the law will lower the cost of financing spaceport development and related infrastructure projects, making it more attractive for private investment. Moody said the legislation will have significant implications for innovation, national security and economic growth in Florida and beyond.

Moody called the new legislation a "major win for the nation" and asked Floridians to continue to fight for the nation's space race, as well as not to let China or Russia take the lead.

Sen. Ashley Moody announced the new legislation at a press conference on Friday in Brevard County. 

What kind of impact does Florida's Space Coast have?

Dig deeper:

Florida is a hub for space exploration and development. Moody said she has actively advocated for the change through Space Florida and legislative efforts, recognizing its potential to strengthen the state's position in the global space economy and enhance national security capabilities.

The Space Coast has experienced significant growth in space and aerospace industries since the end of the Space Shuttle program, with companies like SpaceX and Blue Origin investing heavily. Brevard County's aerospace-aviation workforce has nearly doubled between 2017 and 2023. 

CLICK TO DOWNLOAD THE FOX LOCAL APP

Moody said Florida's Space Coast generates 36% of the world's launches, and the area completes more launches than all the other spaceports in the U.S. combined. She said the Space Coast supports more than 100,000 jobs and generates billions in economic impact. The Space Coast's tourism sector, as measured by tourist development tax revenue, totaled $25.26 million in the 2023-24 budget year.

Florida's Space Coast had a record-breaking year in 2024 with 93 rocket launches. This surpassed the previous record of 72 launches in 2023. Space Force officials project that this year's total could reach 107 launches.

FLORIDA, UNITED STATES - SEPTEMBER 15: A Falcon 9 rocket and a Crew Dragon capsule stand ready to launch at pad 39A at NASAâs Kennedy Space Center at Cape Canaveral, Florida on September 15, 2021. SpaceX is scheduled to launch the first completely pr

Expand

Bringing NASA's headquarters to Florida

What's next:

Moody said she is still working to try and bring NASA's headquarters from Washington D.C. to Florida.

Moody and other members of Florida’s delegation sent a letter to President Donald Trump last month, encouraging his administration to consider the move. The initiative is called the "Consolidating Aerospace Programs Efficiently at Canaveral (CAPE Canaveral) Act."

Sen. Ashley Moody speaks on Florida's Space Coast

U.S. Sen. Ashley Moody hosted a press conference on Friday afternoon in Brevard County, Florida, to unveil a "major legislative victory" aimed at expanding the country's leadership in the space industry. She says the law will have significant implications for innovation, national security and economic growth in Florida and beyond.

NASA’s lease is set to expire in 2028, and $500 million has been proposed for a new facility in the nation’s capital. The Florida political leaders say relocating to the Sunshine State provides myriad benefits, including lower costs, less red tape, a world-class workforce, and private and public partners.

The political leaders said relocating to Florida would:

• Save taxpayer dollars: Florida’s construction and utility costs are significantly lower than Washington’s, eliminating the need for wasteful spending on a new D.C.-based HQ.
• Embed NASA within the space industry: SpaceX, Blue Origin, Boeing, Lockheed Martin and others already operate in Florida. NASA leadership must be where innovation happens.
• Enhance efficiency and streamline operations: A move to Florida will break NASA free from Washington’s stagnation and refocus it on results-driven leadership.
• Leverage a world-class workforce: Florida boasts 140,000 aerospace workers and top-tier engineering programs that will fuel the next era of space exploration.
• Ensure global connectivity: Florida’s major airports and seaports provide seamless access to Washington and beyond.