Calif. Senate Panel OKs Tax Exemption For Space Rockets

Law360, New York (February 26, 2014, 4:13 PM EST) -- A California Senate panel on Wednesday unanimously cleared legislation that seeks to exempt space exploration rockets built by private companies from the state's property taxes in a bid to lure the industry to the state.

Now that Assembly Bill 777 has passed the Senate Governance and Finance Committee, it will be heard before the full Senate. In late January, the bill overwhelmingly passed the state Assembly in a 69-5 vote.

“I introduced this legislation to meet the needs of businesses in the burgeoning field of private...
To view the full article, register now.