California Gov. Jerry Brown has signed a measure that will give SpaceX and other aerospace companies a decade-long exemption from property taxes for launch vehicle propulsion systems.
Assemblyman Al Muratsuchi (D-Torrance), who sponsored the measure, said the new law will qualify rocket propulsion systems for an existing business inventory tax exemption. The goal is to help keep the growing entrepreneurial space sector in California.
“California’s aerospace industry is a vital part of our history and at the center of technological innovations shaping our future. I am pleased my colleagues from both sides of the aisle are united in their support of AB 777,” Muratsuchi said in a statement.