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Virginia Proposes Tax Credits For Space 'Burials'

by Leroy Baker, Tax-News.com, New York

14 December 2011


A bill has been introduced in Virginia’s state legislature to provide for an individual income tax deduction for those taxpayers who agree to be cremated and then have their remains sent into space.

A Republican state lawmaker, Terry Kilgore, has filed legislation that provides that, for tax years beginning on or after January 1, 2013, but before January 1, 2021, a deduction would be allowed on the amount of a prepaid contract entered into with the Virginia Commercial Space Flight Authority to place the taxpayer's cremated remains in earth or lunar orbit.

The total amount deducted by any individual would be limited to a total of USD8,000 per person. The amount deducted on any individual income tax return in any taxable year would be limited to USD2,500, but, if the purchase price of a prepaid contract exceeds USD2,500, any amount in excess of USD2,500 may be carried forward and subtracted in future taxable years, until the lesser of the purchase price or USD8,000 per person has been fully deducted.

However, any deduction taken would be subject to recapture in the taxable year in which either of the taxpayer terminates the prepaid contract or the contract is amended to provide for the launch of the taxpayer’s human cremated remains from a spaceport facility other than one operated by the Virginia Commercial Space Flight Authority.

It is suggested that the tax break is being offered as part of a package of measures aimed at boosting the profile of the Virginia spaceport, in competition with those in other states. There would also be benefits, it is felt, to other businesses, and therefore additional jobs created, in the state, from the spending of the family and friends of the deceased arriving to witness the take-off.

TAGS: tax | business | law | tax credits | legislation | United States | tax breaks | individual income tax

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