SB481 Summary

• Extends vehicle registration fee credits to owners whose vehicles were destroyed in the February 10, 2009 tornado, applying a prorated credit based on the destroyed vehicle's remaining registration period.

• Extends vehicle excise tax credits to owners whose vehicles were destroyed in the February 10, 2009 tornado, allowing the full excise tax paid on the destroyed vehicle to be applied toward the replacement vehicle.

• Extends income tax homestead credits for tornado-damaged primary residences to include properties damaged in the February 10, 2009 tornado, with credits available for five years at 80% declining rates and a deadline of December 31, 2011 for repairs.

• Extends sales tax exemptions for donations to tornado victims to include items donated for persons affected by the February 10, 2009 tornado.

• Modifies the energy efficient home construction tax credit to allow properties of any size for tax years beginning January 1, 2010 and later, removing the previous 2,000 square foot limitation.