(1) For the state fiscal years commencing on or after July 1, 2014, all sales, storage, and use of qualified property for use in space flight is exempt from taxation under parts 1 and 2 of this article.(2) As used in this section:

(a) "Qualified property for use in space flight" means any of the following:

(I) A space vehicle and any component thereof;

(II) Tangible personal property to be placed or used aboard a space vehicle, regardless of whether such personal property is to be ultimately returned to the state for subsequent use, storage, or other consumption; and

(III) Fuel of a quality that is not adaptable for use in an ordinary motor vehicle and that is produced, sold, and used exclusively for space flight.

(b) "Space flight" means any flight designed for suborbital, orbital, or interplanetary travel by a space vehicle.

(c) "Space vehicle" means any tangible personal property that has space flight capability and is intended for space flight and includes, but is not limited to, an orbital space facility, space propulsion system, satellite, or space station of any kind.

(3) The tax exemption established by this section may not be denied to a taxpayer because of a failure, postponement, destruction, or cancellation of a launch of a space vehicle.

(4) The executive director of the department of revenue shall annually provide information to the finance committees of the house of representatives and the senate, or any successor committees, on the number of exemptions claimed pursuant to this section. Such information may be incorporated into an existing report provided on an annual basis by the executive director to the committees.