The Norman Transcript

Business

May 26, 2013

Senate approves tax relief package for tornado victims

NORMAN — The Senate approved a package of tax relief measures to help Oklahoma tornado victims. Sen. Anthony Sykes, R-Moore, is the author of Senate Bill 330. 

“We know that thousands of Oklahomans have lost everything, including their homes and their vehicles. Even with insurance, there can be a tremendous personal expense for replacing these things,” Sykes said. “This package of credits will help offset some of the cost for replacing homes and vehicles, and help businesses that were impacted.”

The tax relief measures contained in SB 330 include:

· A credit against the cost of motor vehicle registration for those replacing vehicles destroyed as a result of a tornado.

· Businesses that make donations from inventory to assist tornado victims may claim an exemption from the requirement to remit sales tax on donated inventory.

· Businesses affected by the tornado are protected from being penalized for a report filed late due to the storm.

· A credit for tornado victims who purchase a replacement vehicle against the cost of motor vehicle excise tax.

· Homeowners who are victims of federally declared disasters can claim an income tax credit equal to the difference between ad valorem taxes before the tornado and taxes after the property is repaired or rebuilt.

· Modifies the “January 1 in residence” requirement for homestead exemptions for those who lost homes and buy a replacement home.

· Impacted homeowners may file a homestead exemption after the statutory deadline of March 15 and until June 1.

After being approved by the House, SB 330 will go to the governor for her signature.

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