CA SB506

Establishes the Military and Aerospace Program in the Governor's Office of Business and Economic Development to coordinate defense retention, conversion, and base reuse activities across California.

Creates a Military and Aerospace Account in the Special Deposit Fund to receive private funds and grants for program operations, with expenditures subject to legislative appropriation.

Implements a Space Enterprise Development Program to foster commercial space activities, including launch operations, manufacturing, and applied research, with authority to contract with a nonprofit corporation to administer space enterprise economic development activities.

Establishes the California Space Enterprise Competitive Grant Program to provide funding for space enterprise development projects that meet specified criteria including job creation, cost-sharing requirements, and technical feasibility.

Requires the Office of Planning and Research to maintain a list of local retention authorities for each active military installation in the state, with recognition of single designated authorities by October 1, 2016.