Taxes: exemption: space flight property.

The California Constitution authorizes the Legislature to classify personal property for differential taxation or for exemption by means of a statute approved by a 23 vote of the membership of each house. Pursuant to this constitutional authorization, this bill would, for the January 1, 2014, lien date to, and including, the January 1, 2024, lien date, exempt qualified property, as defined, for use in space flight. By imposing new duties upon local tax officials with respect to the personal property tax exemption described above, this bill would impose a state-mandated local program. This bill would make a legislative finding and declaration as to the public purpose served by the bill. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions. Section 2229 of the Revenue and Taxation Code requires the Legislature to reimburse local agencies annually for certain property tax revenues lost as a result of any exemption or classification of property for purposes of ad valorem property taxation. This bill would provide that, notwithstanding Section 2229 of the Revenue and Taxation Code, no appropriation is made and the state shall not reimburse local agencies for property tax revenues lost by them pursuant to the bill. This bill would take effect immediately as a tax levy.