HB 3216 Summary

• Provides motor vehicle registration fee credits for replacement vehicles destroyed by tornadoes in May 1999, October 2001, May 2003, calendar year 2013 (with Presidential Major Disaster Declaration), and calendar years 2012-2013 (without Presidential declaration), based on prorated remaining registration period.

• Exempts from sales tax charitable donations of inventory withdrawn for assisting tornado victims from May 1999, May 2003, calendar year 2013 (with Presidential declaration), or calendar years 2012-2013 (without Presidential declaration).

• Authorizes deduction of sales tax delinquency penalties when Oklahoma Tax Commission determines delinquency resulted from tornado damage in calendar year 2013 (with or without Presidential declaration) or calendar years 2012-2013 (without Presidential declaration).

• Allows motor vehicle excise tax credits equal to taxes paid on destroyed vehicles to be applied to replacement vehicles for specified tornado events including 2012-2013 tornadoes without Presidential declarations.

• Provides refundable income tax credits for five consecutive years (declining 20% annually) for homeowners whose primary residences were damaged or destroyed by tornadoes in 2012-2013, with and without Presidential disaster declarations, provided repairs are completed by December 31, 2015.