Oklahoma § 68-2357.29

§ 68-2357.29.

Repealed by Laws 2013, c. 363, § 8, eff. Jan. 1, 2014.

§68-2357.29A. Credit for homeowners who lost primary residence to

natural disasters in 2012 and 2013.

A. For tax years beginning after December 31, 2011, there shall

be allowed a credit against the tax imposed by Section 2355 of this

title for owners of residential real property whose primary residence

was damaged or destroyed in a natural disaster occurring after

December 31, 2011, for which a Presidential Major Disaster

Declaration was issued or with respect to calendar year 2012 or

calendar year 2013 for which a Presidential Major Disaster

Declaration was not issued. The amount of the credit shall be the

difference between the ad valorem property tax paid on such property

and improvements in the year prior to the damage or destruction and

Oklahoma Statutes - Title 68. Revenue and Taxation

the amount of ad valorem property tax paid on the property and

improvements the first year after the improvement is complete. For

purposes of this credit, the amount of ad valorem property tax paid

the first year after the improvement is complete shall be based on

the same or similar square footage as the property which was damaged

or destroyed. For purposes of this section, a "natural disaster"

shall mean a weather or fire event for which a Presidential Major

Disaster Declaration was issued; provided, however, that with respect

to damage or destruction caused by a tornado occurring in calendar

year 2012 or in calendar year 2013 for which a Presidential Major

Disaster Declaration was not issued, "natural disaster" shall include

such a tornadic occurrence.

B. The credit shall be a refundable credit. Eligible taxpayers

shall be entitled to claim this credit for five (5) consecutive

years. After the first year the credit is claimed, the amount of the

credit shall be eighty percent (80%) of the previous year's credit.

If the taxpayer has no income tax liability, or if the credit exceeds

the amount of the income tax liability of the taxpayer, then the

credit, or balance thereof, shall be paid out in the same manner and

out of the same fund as refunds of income taxes are paid and so much

of the fund as is necessary for such purposes is hereby appropriated.

C. In order to qualify for this credit:

1. The property shall have been damaged or destroyed by a

natural disaster after December 31, 2011;

2. The property shall be within an area which has been declared

a federal disaster area;

3. The property shall be the primary residence of the owner

both prior to and after the natural disaster;

4. The owner shall have been granted a homestead exemption or

be eligible to claim a homestead exemption both prior to and after

the natural disaster;

5. The primary residence shall be repaired or rebuilt on the

same property as it existed prior to the natural disaster; and

6. The primary residence shall be repaired or rebuilt and used

as the primary residence no later than December 31, 2015, with

respect to the calendar year 2012 or 2013 natural disaster and no

later than thirty-six (36) months after the date of any natural

disaster occurring on or after January 1, 2014.

D. The credit shall not be allowed if the property is

transferred or title is changed or conveyed as defined in Section

2802.1 of this title. Any credit claimed and allowed prior to the

transfer of the property or the change or conveyance of title shall

not be affected.

E. The Oklahoma Tax Commission shall promulgate any necessary

rules and develop any necessary forms to implement the provisions of

this section.

Oklahoma Statutes - Title 68. Revenue and Taxation

Added by Laws 2013, c. 370, § 5, emerg. eff. May 29, 2013. Amended

by Laws 2014, c. 215, § 5, emerg. eff. May 2, 2014; Laws 2014, c.

329, § 5, emerg. eff. May 23, 2014.