SB 330 Summary

• Establishes vehicle registration fee credits for owners whose vehicles were destroyed by tornadoes on May 3, 1999, October 9, 2001, May 8-9, 2003, or calendar year 2013 (with Presidential Major Disaster Declaration), applied as prorated credits to replacement vehicles.

• Exempts personal property donated to assist tornado victims from sales tax, and allows sellers or vendors a deduction for delinquent tax filing under certain circumstances related to tornado damage.

• Creates a refundable income tax credit for owners of residential real property whose primary residence was damaged or destroyed in 2012-2013 natural disasters with Presidential Major Disaster Declaration, allowing claims for five consecutive years at decreasing amounts (80% of prior year after first year).

• Modifies homestead exemption application deadlines for tornado victims, allowing late filings through June 1 following the disaster year, and deems property owners as record owners if deed is recorded by the application deadline.

• Declares an emergency effective upon passage and approval.