CA SB862

Extends the property tax exemption for qualified property used in space flight activities from a January 1, 2024 repeal date to January 1, 2032, with the exemption itself repealing on July 1, 2033.

Expands the exemption to include tangible personal property used as ground support equipment for space flight launch preparation and operations, and property used in testing space flight engines and components at test sites, effective January 1, 2022.

Requires the Legislative Analyst's Office to report to the Legislature by January 1, 2033 on performance indicators including changes in space flight industry employment, employee compensation, and investment in California space flight facilities.

Directs county assessors and the State Board of Equalization to provide information to the Legislative Analyst's Office as needed for the required report, subject to applicable confidentiality requirements.

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