HB2726 Summary

• Modifies income tax credit for owners of residential property damaged or destroyed in natural disasters, expanding eligibility beyond the original May 3, 1999 tornado to cover any natural disaster in federally declared disaster areas.

• Changes the timeframe for claiming the credit from five consecutive years to three consecutive years, with subsequent years' credits set at 80% of the previous year.

• Requires property owners to complete repairs or reconstruction within 30 months from the date of disaster damage (replacing specific deadlines tied to individual tornado dates).

• Maintains existing requirements including homestead exemption eligibility, primary residence status, and reconstruction on the same property.

• Effective date: January 1, 2013.