OK SB392

Provides vehicle registration fee credit for replacements of vehicles destroyed by the June 14, 2010 flood, mirroring existing credits for May 3, 1999 and October 9, 2001 tornadoes and May 8-9, 2003 tornado.

Exempts personal property donated to assist flood victims from sales tax liability, consistent with existing exemptions for tornado victims from prior disaster events.

Allows deduction of sales tax collection allowance despite delinquent filing if Oklahoma Tax Commission determines delinquency was caused by the June 14, 2010 flood.

Extends excise tax credit to vehicles replacing those destroyed in the June 14, 2010 flood, with credit amount equal to excise tax paid on destroyed vehicle applied to replacement vehicle.

Provides income tax credit against state income tax for owners of residential real property whose primary residence was damaged or destroyed in the June 14, 2010 flood, allowing credit for five consecutive years with specific conditions and 80% reduction each year after the first year.