PA SB986

Creates tax credits for commercial space companies headquartered in Pennsylvania that conduct research, development, or manufacturing of power, communications, or infrastructure-related space technology with federal contract funding

Provides up to $35 million in tax credits for the first taxable year and up to $10 million for subsequent years, matching federal research and development contract funding

Requires qualified companies to have at least 20% of annual revenue from federal space technology contracts, have previously delivered and operated a spacecraft, and make good faith efforts to hire local workers

Allows tax credits to be sold or assigned after holding until year-end, with purchasers limited to claiming 50% of qualified tax liabilities in the year of purchase

Applies for 15 years per project facility, with applications due by March 1 annually and Department of Revenue approval/disapproval by May 1