How to Get Tax Breaks by Doing Things in Space

If you ’re a fiscal postponer living in the US , chance are that you ’re hurriedly working on your taxation in anticipation of the April 17th filing deadline . Would n’t it be great if you could choose to support spaceflight with some of that firmly - earned immediate payment ? You ca n’t earmark your taxes for NASA , but there are a few ways that you may support space engineering science while take in yourself some tax pause in the process .

Please do n’t take any of this as effectual advice . You should speak with a restricted taxation expert before form any investments or contribution — or hightail it to the Isle of Man .

draw a space transfer troupe in Virginia or Florida . The Mid - Atlantic Regional Spaceport ( MARS ) is a commercial-grade launch facility situate on the Eastern shore of Virginia . In an effort to draw business to MARS , Virginia enacted the “ Zero - G , Zero taxation Act of 2008 , ” which provides tax exemptions for income earned from the cut-rate sale of training for spaceflight player , launch services , or from delivery cargo for NASA ’s Commercial Orbital Transportation Services . likewise , Florida offers gross sales and apply tax exemptions for Florida companies that manoeuvre out of Spaceport Florida .

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Run any place - related business enterprise from the Isle of Man . But if you want a ivory fide spaceflight tax haven , move your space occupation to the British Crown Dependency the Isle of Man . In 2004 , the Manx Treasury Minister announced a zero charge per unit of corporate tax to business imply in the blank space and satellite industry . The Isle of Man has done the same for the shipping , insurance , and fund direction industries , and the space industriousness there has boom thanks to this tax planning . Just this year , space industriousness consultancy firm Ascend grade the Isle of Man the 5th most probable nation to put the next somebody on the moon .

put in uranology inquiry in Hawaii — before 2010 . Hawaii ’s Act 221 provided a 100 % taxation recognition for investment in qualified in high spirits - tech businesses , including research and development work , computer software package evolution , biotechnology , sensor and optic technologies , ocean sciences , uranology , and non fossil fuel energy - relate applied science , as long as more than 50 % of the line ’s activities constituted “ restricted research ” and 75 % of that enquiry was channel in Hawaii . Sadly , the Department of State Senate vote to end this credit entry in 2010 , take a leak the prospect of buy telescopes in Maui a bit less attractive .

Have employees as a spacefaring contractor in Florida . Thanks to Florida ’s Qualified Defense and Space Contractor Tax Refund , contractors run in defence and spaceflight can receive taxation refunds for creating and hold jobs — $ 3,000 per full - time line retained or make , and $ 6,000 in an Enterprise Zone . Contractors can invite even gravid taxation credits for offer up their employees more competitive salaries .

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Buy a raffle ticket for a stumble to space — for Polemonium caeruleum . Newt Gingrich in reality proposed holding raffles to serve fund his moon basis , offering up to a $ 50 credit for revenue enhancement payers who purchase just the ticket in hope of winning a trip-up to blank space . Even though you ca n’t grease one’s palms tickets to Gingrich ’s lunar colony , you may buy a raffle just the ticket for a subocular vacation from , for example , Trans Lunar Research , which is a dependant tax - nontaxable nonprofit organization . Just remember , if you win the wondrous prize , you have to report that as income to the IRS .

Make a contribution to an eligible non - profit that abide spaceflight . You do n’t have a buy a raffle tag , you may make a donation to any non-profit-making arrangement in the US — as long as it ’s a tax - exempt organization under segment 501(c)(3 ) of the Internal Revenue Code . As long as you do n’t receive anything in return , you could save it off as a deductible donation . ( If you do receive something , you have to pay tax on the fair market economic value of whatever you get in central for your donation . ) Organizations like theManned Space Flight Education Foundationand thePlanetary Societyare certified nonprofits that rent you fund spaceflight research and education while get hold of a nice taxation write - off .

Have your ashes shoot into space . This one is n’t on the al-Qur’an yet , but a proposed Virginia law would offer a revenue enhancement credit entry to residents who havea component part of their cremate ashes hit into distance . If the human action pass , Virginia residents who desire to commingle their detritus with stardust could gain an $ 8,000 tax course credit . So you get to go to space ( even if posthumously ) , support the spaceflight industry , and get a little money back from the government ? Sounds like a win - win - profits .

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