SB 1199 Summary

• Expands motor vehicle registration fee credit for tornado victims to include any tornado occurring in calendar year 2013 or later with a Presidential Major Disaster Declaration, and tornadoes in 2012-2013 without such a declaration.

• Removes obsolete language limiting sales tax exemptions for tornado relief donations to specific tornado dates (May 3, 1999; October 9, 2001; May 8-9, 2003) and extends exemption to any qualifying natural disaster with Presidential Major Disaster Declaration.

• Modifies sales tax deduction for vendors to allow deduction if delinquency was due to tornado damage occurring in 2013 or any subsequent year with a Presidential Major Disaster Declaration, or 2012-2013 tornadoes without such declaration.

• Extends excise tax credit on vehicle purchases to include tornadoes in 2013 and any subsequent year with Presidential Major Disaster Declaration, provided excise tax was paid after January 1, 2012.

• Expands income tax credit for homestead property damaged in natural disasters to apply to any disaster after December 31, 2011, and allows up to 36 months (instead of deadline of December 31, 2015) for property reconstruction, with clarifications to homestead exemption filing procedures.