Friday, May 24, 2013

Cockroft, Wood Praises Passage of Tax Credit for Tornado Victims

OKLAHOMA CITY – A tax credit for tornado victims was approved today by the Oklahoma House of Representatives.

Senate Bill 330 creates a credit for the registration fee for individuals who are buying a new vehicle to replace a vehicle destroyed by a 2013 tornado. The legislation also makes the owners of damaged property eligible for an income tax homestead exemption and creates certain sales tax incentives for donated items.

State Reps. Josh Cockroft and state Rep. Justin Wood, who both represent districts affected by the May 19 and 20 tornadoes, both co-authored the bill and praised its passage.

“These credits are based on those that were created for the tornado victims after the 1999 tornadoes. Individuals in my district have lost a great deal of property and I think it is important to help them in becoming whole again,” said Cockroft, R-Tecumseh. “I was overwhelmed by the bipartisan support of the legislation. It is another chapter in the Oklahoma tradition of taking care of our neighbors in difficult times.”

“Members came together across party lines and voted in relief for these tornado victims; I could not be more proud of my colleagues,” said Wood, R-Shawnee. “This credit, combined with the $45 million relief package we approved, will go a long way in helping victims rebuild their lives.”

The tax credit now proceeds to the governor’s desk for approval.

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