(a) The property, income, and operations of a spaceport development corporation are exempt from taxes imposed by this state or a political subdivision of this state.
(b) Tangible personal property located in the spaceport, such as a spacecraft or other property necessary to launch the spacecraft, is exempt from ad valorem taxation.
(c) Chapter 151, Tax Code, does not apply to tangible personal property purchased by a person for use in a spaceport.