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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