Oklahoma City, OK 73105
For Immediate Release: May 24, 2013
Senate approves tax relief package for tornado victims
The Senate has approved a package of tax relief measures
to help Oklahoma tornado victims. Sen. Anthony
Sykes, R-Moore, is the author of Senate Bill 330. He represents
the district hardest hit by Monday’s EF5.
“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 1st in residence" requirement
for homestead exemptions for those who lost homes and buy a replacement
• Impacted homeowners may file a homestead exemption after
the statutory deadline of March 15th and until June 1st.
After being approved by the House, SB 330 will go to the governor
for her signature.
For more information, contact:
Sen. Sykes: (405) 521-5569