Bill > HB330

This bill establishes a new income tax credit for Louisiana homeowners to help offset the cost of homeowners' insurance. Specifically, the bill allows resident taxpayers to claim a tax credit for qualifying homeowners' insurance premiums paid on residential property with a homestead exemption. The credit will be calculated as the lesser of (1) the amount of premiums paid over $3,000 in a tax year or (2) $5,000. If the credit amount exceeds a taxpayer's tax liability in a given year, they can carry forward the unused credit for up to five subsequent tax years, but cannot use more credit than their tax liability in any single year. Taxpayers must maintain records to verify their eligibility and the amount claimed, and the Department of Revenue will develop rules for implementing the credit. The tax credit will be available for taxable years beginning on or after January 1, 2026, and will expire after December 31, 2031, effectively making it a temporary measure to provide financial relief to homeowners struggling with high insurance costs.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB330&sbi=y