The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Emily W Toler.
DIGEST
SB 195 Original 2023 Regular Session Duplessis
Proposed law authorizes a credit against an individual income tax for amounts paid toward a
homeowner's insurance deductible for losses during the calendar year.
Proposed law provides the amount of the insurance deductible eligible for the credit is limited to the
total amount paid under the homeowner's insurance policy or any separate deductible paid under
present law, including hurricane, named-storm, and wind and hail deductibles, whichever is greater.
Proposed law limits the credit to insurance deductibles paid for the taxpayer's primary residence
only.
Proposed law provides if the credit against Louisiana income tax for a resident individual whose
federal adjusted gross income is equal to or less than $25,000 exceeds the amount of the individual's
tax liability for the taxable year, then the excess tax credit shall be refundable.
Proposed law provides if the credit against Louisiana income tax for a resident individual whose
federal adjusted gross income is greater than $25,000 exceeds the amount of the individual's tax
liability for the taxable period, then the excess tax credit may be carried forward for subsequent
individual income tax liabilities not to exceed five years.
Proposed law requires taxpayers claiming the credit to maintain all documentation necessary to
verify the amount of insurance deductibles paid for losses.
Effective on January 1, 2024.
(Adds R.S. 47:297.23)