Summary: H.R.1024 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.1024. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/01/2005)

Zero Gravity, Zero Tax Act of 2005 - Amends the Internal Revenue Code to: (1) exclude from gross income space-related income from products or articles produced, or services provided, in or from outer space; (2) allow an investment tax credit for the purchase of stock in a space company that has average annual gross receipts not exceeding $100 million and that derives more than 70 percent of its gross receipts from space-based business; and (3) exclude from gross income gain from the sale or exchange of any stock of certain space corporations.