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LA HB594
Bill
Status
5/27/2025
Primary Sponsor
Chance Henry
Click for details
AI Summary
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Replaces Louisiana's graduated insurance premium tax system for property and casualty insurance with a flat rate of 2.8% on gross annual written premiums, effective January 1, 2026
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Creates automatic rate reductions of 0.2% beginning July 1, 2027, whenever annual premium and retaliatory tax collections exceed $273 million, with the rate floor set at 1%
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Phases out premium tax rate reductions for insurers with qualifying Louisiana investments between 2029 and 2031, eliminating all such reductions by January 1, 2032
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Limits tax reductions for qualifying Louisiana investments during 2026-2028 to the dollar amount allowed on a business's 2024 Annual Premium Tax Statement
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Repeals the Louisiana Capital Companies Tax Credit Program (R.S. 51:1921-1935) in its entirety
Legislative Description
Establishes a flat rate of insurance premium tax and provides relative to certain insurance premium tax credits and exemptions (RR SEE FISC NOTE GF RV)
TAX/INSURANCE PREMIUM
Last Action
Read by title and returned to the Calendar, subject to call.
6/4/2025