AB 777 (Muratsuchi; D-Torrance) has flown through the Legislature with unanimous support to update the California tax code to include equipment used for spaceflight transportation within the business inventory exemption. The bill is consistent with the goals of CalChamber’s 2014 Solutions for a Strong California.
California has long been the home of the world’s most advanced aeronautics and aerospace companies. Recently, this industry has seen innovation with the privatization of spaceflight transportation, which had historically been within the exclusive purview of the federal government.
For more information and updates on legislation, visit CalChamber’s website
Source: Fullerton Chamber of Commerce