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OK HB2322

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Wayne Shaw

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Eliminates the requirement that a tornado must have received a Presidential Major Disaster Declaration for vehicle owners to qualify for registration fee and excise tax credits when replacing tornado-destroyed vehicles
  • Provides prorated registration fee credits for replacement vehicles based on the remaining registration period of the destroyed vehicle
  • Allows excise tax credits equal to the full amount of excise tax paid on the destroyed vehicle, applied toward the replacement vehicle's excise tax
  • Credits are non-refundable and can only be applied to registration fees and excise taxes on replacement vehicles
  • Effective date: November 1, 2016

Legislative Description

Tax Relief with respect to tornadic storms; motor vehicle registration credits; motor vehicle excise tax credits; effective date.

Last Action

Authored by Senator Shaw (principal Senate author)

2/25/2016

Committee Referrals

Appropriations and Budget Revenue and Taxation Subcommittee2/4/2016
Appropriations and Budget2/2/2016

Full Bill Text

No bill text available