CA AB3197

Extends the property tax exemption for qualified personal property used in space flight from the January 1, 2024 lien date to an unspecified future date (currently blank in the bill).

Defines "qualified property" as tangible personal property with space flight capacity, including orbital facilities, propulsion systems, vehicles, satellites, and components, plus special fuel for space flight.

Limits the exemption to taxpayers whose primary business purpose is space flight activities and requires taxpayers to provide assessor evidence that property will be used as described.

Specifies that the state shall not reimburse local agencies for property tax revenues lost due to this exemption.

Takes effect immediately as a tax levy and requires a two-thirds vote of the Legislature to pass.