CA SB718

Authorizes counties, cities, and city-counties to offer capital investment incentives to lessees and occupants under government-owned contractor-operator enhanced use lease agreements, in addition to fee owners, for qualified manufacturing facilities with investments exceeding $150,000,000 (through July 1, 2015).

Establishes a corporation tax credit of 17.5% of qualified wages paid to full-time employees working on new advanced strategic aircraft manufacturing for the United States Air Force for taxable years 2015-2029, limited to an aggregate of 1,100 annual full-time equivalent employees.

Expands the definition of "qualified taxpayer" to include prime contractors awarded prime contracts to manufacture new advanced strategic aircraft, in addition to major first-tier subcontractors.

Caps annual tax credits at $25,000,000 for years 1-5, $28,000,000 for years 6-10, and $31,000,000 for years 11-15 of the program.

Requires credits to be reflected in bid amounts and allocates credits on a first-come-first-served basis by return receipt date; takes effect immediately as an urgency statute.