CO HB1178

Exempts sales, storage, and use of qualified property for space flight from Colorado state sales and use taxes effective July 1, 2014.

Defines "qualified property" as space vehicles and components, tangible personal property placed aboard space vehicles, and specialized fuel exclusively used for space flight.

Applies exemption regardless of whether a space launch is postponed, destroyed, or cancelled.

Requires Department of Revenue to annually report to legislative finance committees on the number of exemptions claimed under this provision.

Appropriates $31,000 for fiscal year 2013 to the Department of Revenue for implementation and decreases controlled maintenance trust fund appropriation by $82,077 for fiscal year 2014.