Tax breaks ... IN SPACE!

For-profit space explorers who make California their headquarters will not have to pay property taxes on their rockets and space stations under a bill signed Tuesday by Governor Jerry Brown.

The move is part of a broader effort by lawmakers to revitalize California's flagging aerospace sector, once among the largest in the United States and key to the state's economy.

It is also aimed at stopping an effort by Los Angeles County to collect levies on equipment owned by the privately-held Space Exploration Technologies, or SpaceX, in Hawthorne, California.

"Companies like SpaceX are not only creating the most advanced space vehicles, but are also significantly contributing to the state's economy and our local communities," said Democratic Assemblyman Al Muratsuchi, the bill's author.

Muratsuchi said he submitted his measure after Los Angeles County presented SpaceX with a property tax bill on rockets and other equipment.

SpaceX, founded by PayPal entrepreneur Elon Musk, has already won tax credits at the local level, resulting in a commitment to stay in Hawthorne, a Los Angeles suburb.