Louisiana: 60% of Tax Rebates from Insurance Assessments not Claimed

February 23, 2010

Louisiana Insurance Commissioner Jim Donelon has announced that nearly $59 million, or 60 percent of the available tax rebates available to property insurance consumers in his state went unclaimed last year.

Property owners are entitled to a state tax rebate, whether they file taxes or not, for the Louisiana Citizens Property Insurance Corporation assessment charged on their insurance policy. The rebate program has been operational since 2005 and property owners can again take advantage of it for the tax year 2009.

Time is running out, however, for those who have not filed a claim form.

Property owners who have not filed with the Department of Revenue to recoup the amount paid in insurance assessments after Hurricane Katrina may claim the rebate on their state tax return due May 17, 2010, Donelon said. Assessments paid with insurance premiums in previous years may be claimed by filing an amended tax return for the year in which the assessment was paid.

The Department of Revenue’s Louisiana Citizens Insurance Tax Credit forms may be accessed online via the Department of Revenue home page and at the Department of Insurance home page.

There is a time limitation for claiming the assessment. The deadline for assessments paid in 2005 and 2006 is the end of December 2010. The best plan is to obtain the rebate as soon as the assessment is paid, or to claim the rebate with state tax filings each year.

Source: Louisiana Department of Insurance

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