Gov. Mary Fallin signed a measure Friday that will provide $45 million to help reimburse local communities for expenses caused by this week's tornadoes.
She said she also will sign a bill that contains a package of tax relief measures to help tornado victims. Senate Bill 330 won approval Friday, the last day of this year's session, in both the Senate and the House of Representatives.
“We know that thousands of Oklahomans have lost everything, including their homes and their vehicles,” said Sen. Anthony Sykes, R-Moore, author of SB 330. “Even with insurance, there can be a tremendous personal expense for replacing these things. This package of credits will help offset some of the cost for replacing homes and vehicles, and help businesses that were impacted.”
The tax relief measures include:
• A credit against the cost of motor vehicle registration for those replacing vehicles destroyed as a result of a tornado.
• Businesses that make donations from inventory to assist tornado victims may claim an exemption from the requirement to remit sales tax on donated inventory.
• Businesses affected by the tornado are protected from being penalized for a report filed late due to the storm.
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