Elon Musk's SpaceX has reportedly taken advantage of substantial tax breaks, having likely not paid income taxes for years. Internal documents reveal that the company benefits from a $5 billion indefinite tax break due to debts incurred before 2021, following a tax rule change in 2017. Additionally, SpaceX has $227 million in carryovers for state taxes and $1.1 billion in federal and state tax credits. Experts suggest that due to its net operating loss, the company probably did not pay federal taxes and may not have to even in profitable years.
Internal documents show that SpaceX has likely not paid income tax for years, utilizing tax benefits from past debts to offset future taxable income.
The $5 billion indefinite tax break SpaceX has from a 2017 rule change is noteworthy, especially given the company's reliance on government contracts.
SpaceX also possesses at least $227 million in carryovers to offset state taxes and $1.1 billion in tax credits, adding to its extensive tax advantages.
Tax experts believe that due to its sizeable net operating loss, SpaceX almost certainly didn't pay federal tax for years and may not even in profitable years.
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