Bill > HB662

This bill establishes a new insurance premium tax specifically targeting large-scale, for-profit rental property owners in Louisiana. The tax will be levied at a rate of $1,000 per single-family rental property for businesses that own or acquire 40 or more such properties in a calendar year, with the first 39 properties being exempt from the tax. The revenues collected from this tax will be directed to the Louisiana Fortify Homes Program Fund after satisfying standard state bond security requirements. The tax will apply to commercial general liability policies and dwelling fire insurance policies for these qualifying rental properties, with implementation beginning on July 1, 2025. The goal appears to be generating dedicated funding for a state housing program by placing a targeted assessment on large-scale residential rental property owners, potentially to support home resilience, repair, or affordability initiatives.