Bill Text: CA SB998 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Taxes: exemption and credits: new aerospace projects.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2014-08-14 - Held in committee and under submission. [SB998 Detail]

Download: California-2013-SB998-Introduced.html

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BILL NUMBER: SB 998	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Knight

                        FEBRUARY 13, 2014

   An act relating to aerospace.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 998, as introduced, Knight. California Aerospace Innovation Hub
Act of 2014.
   Existing law provides various incentives for industries such as
the aerospace industry to locate and invest in this state, such as a
program that allows local governments to establish a capital
investment incentive program to pay a capital investment incentive
amount to the proponents of a qualified manufacturing facility in the
aerospace business, and a sales and use tax exemption for the gross
receipts from the sale of, and the storage, use, or other consumption
of, qualified tangible personal property purchased by a person
engaged in aerospace products and parts manufacturing for use
primarily in manufacturing, processing, refining, fabricating, or
recycling of property.
   This bill would state the intent of the Legislature to enact
legislation to create the California Aerospace Innovation Hub Act of
2014. This bill would state the intent of the Legislature to enact
legislation that would create geographically based aerospace hubs
around existing aerospace manufacturing clusters, and that within the
aerospace hubs aerospace manufacturers and related businesses would
benefit from special tax preferences, streamlined regulations, and
work schedule flexibility.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  It is the intent of the Legislature to enact
legislation to create the California Aerospace Innovation Hub Act of
2014 to improve the ability of the state to retain and attract
aerospace businesses and the high-wage, middle-class jobs that these
businesses provide. It is the intent of the Legislature to enact
legislation that would create geographically based aerospace hubs
around existing aerospace manufacturing clusters, and that within the
aerospace hubs aerospace manufacturers and related businesses would
benefit from special tax preferences, streamlined regulations, and
work schedule flexibility.