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No significant fiscal implication to the State is anticipated.
We oppose the underlying concept of spaceport development corporations. These corporations are mechanisms to allow political subdivisions to use preferential tax treatment to entice an industry to a specific location. This positions government entities to compete with private business and allows the government to pick winners and losers in the marketplace, hindering voluntary market transactions. This leads to a less efficient economic system and higher cost to taxpayers.
Furthermore, these corporations have the ability to issue bonds and are exempt from certain taxes. This infringes on the principles of limited government and free markets. Because this bill would make it easier for a bracketed municipality to authorize a spaceport development corporation by removing the requirement to work in conjunction with a county, we oppose HB 303.