California House Bill 777, authored by Assemblyman Al Muratsuchi, D-Torrance, would “qualify rocket propulsion systems for an existing business inventory tax exemption and update California law to ensure the growing number of jobs created by the space exploration industry remain in the state.”
If Governor Brown signs the bill into law, California-based companies such as SpaceX would get a 10-year property tax break.
“From the start, AB 777 received broad bi-partisan support because of its potential to strengthen our economic recovery,” said Muratsuchi in a statement. “The State Senate’s vote to move this measure forward sends a strong message that California is open for business. The space commercialization industry is not only developing some of the most advanced space vehicles in the world, but is creating thousands of local, high-paying manufacturing jobs.”
This story was originally posted by Techwire.net