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Louisiana Citizens Insurance Tax Credit
Source:
revenue.louisiana.gov
- Apr 18, 2019
What is the Louisiana Citizens Insurance Tax Credit?
In December 2006 the Louisiana Legislature enacted Revised Statute 47:6025, which authorized a refundable income tax credit for the LA Citizens assessments that resulted from Hurricanes Katrina and Rita. This credit is available to people who paid the LA Citizens assessments in addition to their homeowner’s or property’s insurance premium. Act 125 of the 2015 Regular Session of the Louisiana Legislature reduced the credit to 72% of the assessment paid for any return filed on or after July 1, 2015. Act 9 of the 2016 Second Extraordinary Session of the Louisiana Legislature reduced the credit to 25% of the assessment paid for any assessments paid starting January 1, 2016.
The LA Citizens assessments are a result of losses on insured property caused by Hurricanes Katrina and Rita. In years when there are no large catastrophic losses, LA Citizens collects enough premiums to cover their cost of operations. However, the massive losses of Hurricanes Katrina and Rita cost LA Citizens over $1.2 Billion, which created a deficit. LA Citizens assessments on home and property insurance policies in Louisiana were used to partially fund this deficit left by Hurricanes Katrina and Rita.
For more information refer to RIB 07-015 – Credit for the Louisiana Citizens Property Insurance Corporation Assessment
Individual
How do I determine the amount of the credit?
When can the credit be claimed?
What documents are required to be filed and retained?
Individuals who are required to file a Louisiana income tax return
Individuals who are not required to file a Louisiana income tax return
Individuals who filed a Louisiana income tax return and have not claimed the credit
Forms
R-540INS - 2010 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-540INS - 2011 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-540INS - 2012 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-540INS - 2013 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-540INS - 2014 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-540INS - 2015 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-INS Supplement - Supplement Schedule for Refund of Louisiana Citizens Property Insurance Assessment
Business
How do I determine the amount of the credit?
When can the credit be claimed?
What documents are required to be filed and retained?
What form should be used to claim the credit?
Corporations
Sole Proprietors
S Corporations
Business Entities Not Subject to LA Income Tax - Flow Through of the Credit
Insurance Companies
Nonfilers—Entities not required to file a Louisiana income tax return
Businesses that have not claimed the credit
Forms
R-620INS - 2010 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-620INS - 2011 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-620INS - 2012 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-620INS - 2013 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-620INS - 2014 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-620INS - 2015 Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment
R-INS Supplement - Supplement Schedule for Refund of Louisiana Citizens Property Insurance Assessment
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Category: General Business
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