The Official Website of the Louisiana Department of Revenue
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.
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.
Developed and Maintained by Louisiana Department of Revenue