A bill to provide that certain activities performed in space, the use of certain property in space and certain articles produced in space shall be treated as activities performed, property used and articles produced within the United States for purposes of any tax laws of the United States.
Space Tax Investment Equity Act of 1985 - Amends the Internal Revenue Code to allow an investment tax credit for any tangible property which is predominantly used or operated in space and which is either a qualified spacecraft (a craft predominantly used or operated in space and controlled from locations within the United States) or is used or operated upon such a spacecraft.
Treats any tangible property used in space as five-year depreciable property for purposes of the accelerated cost recovery system (ACRS).
Allows an income tax credit for increasing research activities for research conducted in space.
Treats income derived from commercial activity in space aboard a qualified spacecraft as income derived from sources within the United States.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
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