Goose that lays golden eggs? KILL IT!!!!
Take a read through the proposed legislation. I’m not a law-talkin’-guy, so it reads like so much gibberish to me.
Mileage ratio numerator. The numerator of the mileage ratio for each launch contract shall be
the total projected mileage that all launch vehicles launched or planned to be launched pursuant to that
launch contract will travel within this state. If a launch occurs or is planned to occur in this state, the
contribution of that launch to the numerator of the mileage ratio shall be 62 statutory miles. If a launch
occurs or is planned to occur outside of this state, the contribution of that launch to the numerator of
the mileage ratio shall be zero.
Mileage ratio denominator. The denominator of the mileage ratio for each launch contract shall
be the total mileage that all launch vehicles launched pursuant to that contract are projected at the time
of the execution of the contract to travel from launch to separation.
If the Internal Revenue Service or the Franchise Tax Board is prevented by reasons of secrecy or
confidentiality imposed by governmental authorities from determining the projected mileage of any
launch contract, the mileage ratio denominator of such contracts shall be conclusively presumed to be
310 statutory miles multiplied by the number of launches pursuant to that contract.
Mileage factor numerator. For each launch contract under which revenue is recognized in a
taxable year, the mileage ratio for that contract shall be multiplied by the revenue recognized from that
contract in the taxable year. The product shall be added to the products for each launch contract for
which the taxpayer recognizes revenue in the taxable year the sum of which shall be the numerator of
the mileage factor.
Mileage factor denominator. The total revenue recognized from all launch contracts during the
taxable year shall be the denominator of the mileage factor.
Not sure what all that blather says, but I’m sure it can’t be good.