SLS 162ES-18 ORIGINAL
2016 Second Extraordinary Session
SENATE BILL NO. 8
BY SENATOR MORRELL
TAX/TAXATION. Provides for the operability of the tax credit for Citizens Property
Insurance Corporation 2005 assessment. (gov sig) (Item Nos. 46 and 47)
1 AN ACT
2 To enact R.S. 47:6025(A)(4), relative to the tax credit for Louisiana Citizens Property
3 Insurance Corporation assessment; to provide for the operability of the credit; to
4 provide for effectiveness; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 47:6025(A)(4) is hereby enacted to read as follows:
7 ยง6025. Tax credit for Louisiana Citizens Property Insurance Corporation assessment
8 A. * * *
9 (4) Notwithstanding any other provision of law to the contrary, including
10 but not limited to any contrary provisions of this Section, for tax years
11 beginning on or after January 1, 2016, and before January 1, 2022, the tax
12 credit provided pursuant to the provisions of this Section shall be inapplicable,
13 inoperable, and of no effect.
14 * * *
15 Section 2. This Act shall become effective upon signature by the governor or, if not
16 signed by the governor, upon expiration of the time for bills to become law without signature
17 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 8
SLS 162ES-18 ORIGINAL
1 vetoed by the governor and subsequently approved by the legislature, this Act shall become
2 effective on the day following such approval.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Leonore Heavey.
DIGEST
SB 8 Original 2016 Second Extraordinary Session Morrell
Present law provides an income tax credit against La. income tax for 72% of the surcharges,
market equalization charges, or assessments paid by a taxpayer for the La. Citizens Property
Insurance Corporation assessments due to hurricanes Katrina and Rita.
Present law provides that the credit will return to 100% of the surcharges, market
equalization charges, or assessments paid by a taxpayer for the La. Citizens Property
Insurance Corporation assessments due to hurricanes Katrina and Rita for returns filed on
or after July 1, 2018.
Proposed law provides that the Citizens assessment credit shall be inoperable for tax years
2016 through 2021. Beginning with tax year 2022, the credit shall be for 100% of the
surcharges, market equalization charges, or assessments paid by a taxpayer for the La.
Citizens Property Insurance Corporation assessments due to hurricanes Katrina and Rita.
Effective upon the signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 47:6025(A)(4))
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.