This bill, titled the "Secure U.S. Leadership in Space Act of 2025," significantly amends the Internal Revenue Code of 1986 to treat spaceports like airports for purposes of exempt facility bond rules. This change allows for the financing of spaceport development and infrastructure through tax-exempt bonds, potentially lowering the cost of capital for these crucial facilities. The legislation provides a comprehensive definition of a "spaceport," encompassing facilities used for manufacturing, assembling, or repairing spacecraft, flight control operations, providing launch and reentry services, and transferring crew or cargo. Key provisions include a special rule for spaceport property located on land leased from the United States, ensuring it can still be treated as owned by a governmental unit for bond purposes. It also creates an exception from the federally guaranteed bond prohibition , allowing bonds to remain tax-exempt even if the U.S. government pays rent or user fees for spaceport use. Furthermore, these exempt facility bonds for spaceports will be excluded from state volume cap limitations, and the amendments apply to obligations issued after the date of the Act's enactment.