Okla. Tax Credit for Homeowners Passes Senate

A bill authored by Senator Susan Paddack, an Ada Democrat, that will give Oklahoma families a tax credit for rebuilding their homes that were destroyed or damaged by the recent wildfires won the approval of the full Senate today.

HB 2121 enacts a tax credit for the difference between the ad valorem paid on the property in the year prior to the wildfire damage and the ad valorem taxes paid in the first year the property is rebuilt.

“Many families all across this state have lost their homes, their businesses, and farm and ranch lands to devastating wildfires,” Paddack said. “Many of these families are already making plans to rebuild their lives and their homes in the very place their roots have been planted for years—in rural Oklahoma.”

Paddack said the tax credit contained in HB 2121 is very similar to a tax credit given to families that lost their homes in the past to damages caused by tornados.

“We want these families who have been affected by the wildfires to stay and rebuild in Oklahoma and this bill certainly encourages them to do just that,” the Senator said. “These families have spent many years investing in rural Oklahoma, and the Legislature must do our part to ensure they continue to do so.”

The bill now goes to a joint Conference Committee of Senate and House members where it will be put into its final form before being sent the Governor for his signature.

Source: Senator Paddack’s Office