Wednesday, March 05, 2008
Virginia Governor Tim Kaine Signs 'ZeroGravity, ZeroTax' Into Law
Virginia Governor Tim Kaine signed into law the so-called 'Zero Gravity, Zero Tax' measure patroned by State Senator William C. Wampler, Jr. (R-Bristol) Sunday at the state capitol in Richmond.
Virginia will levy no income tax on business earnings that relate to human spaceflight training or actual space flights launched from the state's spaceport or for spaceflight in with NASA COTS contracts. The measure becomes effective July 1, 2008 for the tax year beginning January 1, 2009.