Lawmakers approve legislation to advance a bill that would give private space exploration companies a break on property taxes. by Desiree Everts DeNunzio January 29, 2014 9:09 PM PST SpaceX's Grasshopper rocket. (Credit: SpaceX) Private-sector space exploration companies may be able to enjoy a big tax break if they call California their home. The state Assembly passed a bill Wednesday that would exempt commercial space companies such as SpaceX from paying property taxes on their spacecrafts and properties, a potential boost to help offset the costs of running their expensive missions. Related posts SpaceX's Falcon 9 successfully blasts into outer space SpaceX Falcon 9 rocket launch called off again Dream Chaser's first flight a success but with bumpy landing Drone captures SpaceX Grasshopper hitting 2,400 feet SpaceX launches Falcon 9 rocket, its largest to date The 10-year exemption would be part of an overarching effort by lawmakers to bring new life to California's aerospace industry. "With this bill, California can incubate and grow this exciting new industry and create thousands of good paying manufacturing jobs right here in our state," state Democratic Assemblyman Al Muratsuchi, the author of the bill, said in a statement. In addition, Muratsuchi said that the legislation would help encourage space exploration companies to remain in the state. "I introduced this bill to clarify the tax code as it relates to this new industry so that companies like SpaceX can have the legal certainty they need to make major infrastructure investment decisions and avoid unnecessary litigation," Muratsuchi said. The measure passed the Assembly 64-5, and will now go to the state Senate.
Lawmakers approve legislation to advance a bill that would give private space exploration companies a break on property taxes.
January 29, 2014 9:09 PM PST
SpaceX's Grasshopper rocket.
(Credit: SpaceX)
Private-sector space exploration companies may be able to enjoy a big tax break if they call California their home.
The state Assembly passed a bill Wednesday that would exempt commercial space companies such as SpaceX from paying property taxes on their spacecrafts and properties, a potential boost to help offset the costs of running their expensive missions.
Related posts
- SpaceX's Falcon 9 successfully blasts into outer space
- SpaceX Falcon 9 rocket launch called off again
- Dream Chaser's first flight a success but with bumpy landing
- Drone captures SpaceX Grasshopper hitting 2,400 feet
- SpaceX launches Falcon 9 rocket, its largest to date
The 10-year exemption would be part of an overarching effort by lawmakers to bring new life to California's aerospace industry. "With this bill, California can incubate and grow this exciting new industry and create thousands of good paying manufacturing jobs right here in our state," state Democratic Assemblyman Al Muratsuchi, the author of the bill, said in a statement.
In addition, Muratsuchi said that the legislation would help encourage space exploration companies to remain in the state. "I introduced this bill to clarify the tax code as it relates to this new industry so that companies like SpaceX can have the legal certainty they need to make major infrastructure investment decisions and avoid unnecessary litigation," Muratsuchi said.
The measure passed the Assembly 64-5, and will now go to the state Senate.
