SpaceX officials have privately boasted to investors that a tax benefit signed into law by President Donald Trump means it may never have to pay federal income taxes, The New York Times reports.
Trump signed the Tax Cuts and Jobs Act in 2017, allowing corporations to roll over their heavy losses, known as a carryback, indefinitely to skirt paying some federal taxes on their newer profits.
The law allows for SpaceX to legally skirt paying taxes on much of its profits. The lack of an expiration date means it can roll over substantial losses from yesteryear, the Times reports. That’s a massive benefit for SpaceX and its partial owner, Elon Musk, who is the world’s richest man.
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