This legislation amends the Internal Revenue Code of 1986 to treat spaceports like airports for the purpose of exempt facility bond rules . This change allows for tax-exempt financing of spaceport development, aiming to stimulate investment and growth in the commercial space industry by reducing the cost of capital for infrastructure projects. The bill provides a comprehensive definition of a "spaceport," encompassing facilities used for manufacturing, assembling, or repairing spacecraft, flight control operations, and providing launch or reentry services, as well as transferring crew or cargo. Notably, a facility does not need to be available for public use to qualify, and manufacturing facilities within spaceports are explicitly included. Additionally, the bill clarifies that spaceport property on land leased from the United States can still be considered government-owned for bond purposes, creates an exception from federally guaranteed bond prohibitions for U.S. government payments, and excludes these bonds from state volume caps.