Bill > SB28

This bill establishes the Louisiana Fortified Roof Tax Credit Program, which provides a nonrefundable income tax credit for resident homeowners who install a fortified roof that meets standards set by the Insurance Institute for Business and Home Safety (IBHS). Taxpayers can receive a credit equal to their qualified expenses (cost of purchasing and installing the roof) up to $10,000 per property, with the total program limited to $10 million in tax credits per fiscal year. The credit can only be used for existing homes with a homestead exemption, excluding new construction, condominiums, and mobile homes. Credits will be issued on a first-come, first-served basis, with any excess credits rolled over to the next fiscal year. Taxpayers must apply between January 1st and June 30th of the year following the roof installation, providing certification from IBHS, and can carry forward unused credits for up to three years. The program runs from July 1, 2025, to December 31, 2031, and participants cannot receive other state tax benefits for the same roof improvement. The Louisiana Department of Revenue will administer the program, review applications, and has the authority to recapture credits if expenses are found to be ineligible.