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Satnews Daily
May 11th, 2011

Space Florida... Millions For Space (Financial)

[SatNews] Aerospace-related economic development played a significant role in the 2011 Florida Legislative Session, with more than $43 million being committed for growth of the industry.

Governor Rick Scott laid out an aggressive plan, not only for Florida’s overall economy, but for Florida’s space industry in particular, and that plan was formalized by the Legislature. “We are extremely grateful for the leadership exemplified by Florida’s Governor and legislators during this year’s session,” noted Space Florida President Frank DiBello. “It is clear that space-related economic development is a real priority. This is the next step in arming Space Florida with tools to help ensure that we can achieve an aggressive mission of tripling the size of Florida’s aerospace industry by 2020.”

The Florida Legislature, led by Senate President Mike Haridopolos (R-Melbourne) and Speaker of the House Dean Cannon (R-Winter Park), appropriated approximately $10 million to Space Florida. This was done for the purposes of recruiting new business, expanding existing business, and creating jobs during this critical time. Space Florida worked with the Legislature and the Florida Department of Transportation (FDOT) to secure $16 million in infrastructure funding for launch support facilities. This $16 million comes from the State Transportation Trust Fund and is to be used to improve launch complex and additional spaceport infrastructure at Kennedy Space Center and Cape Canaveral.

The Space Business Incentives Act (HB873), sponsored by Senator Thad Altman (R-Melbourne) and Representative Steve Crisafulli (R-Merritt Island), was also passed by the Legislature, as part of HB143, during the 2011 session. This bill includes $10 million in space business tax credits both to enable the state to attract new and expand exiting space-related businesses. Specifically, the bill includes corporate income tax credits and transferrable net operating loss tax credits.