§6044. Louisiana Fortified Roof Tax Credit Program

            A. Definitions. For purposes of this Section:

            (1) "Department" means the Louisiana Department of Revenue.

            (2) "Qualified expenses" means the cost of purchase and installation paid by a taxpayer to meet or exceed the fortified roof standard established by the Insurance Institute for Business and Home Safety on qualifying property. Qualified expenses shall not include permit, inspection, and other similar costs necessary to obtain Insurance Institute for Business and Home Safety certification.

            (3) "Qualifying property" means insurable property, as defined in R.S. 22:1483, owned by a resident taxpayer and on which the resident taxpayer has a homestead exemption. Qualifying property shall not include new construction homes, condominiums, and mobile homes.

            (4) "Secretary" means the secretary of the Louisiana Department of Revenue.

            B. Administration of the credit. (1) There is hereby allowed a nonrefundable credit against individual income tax for qualified expenses incurred on or after July 1, 2025, for the installation of a fortified roof meeting or exceeding the fortified roof standard established by the Insurance Institute for Business and Home Safety.

            (2) The credit shall be equal to the total amount of qualified expenses paid by the resident taxpayer and certified by the Insurance Institute for Business and Home Safety, not to exceed ten thousand dollars per resident taxpayer. In no event shall a qualifying property be eligible for more than one tax credit authorized pursuant to this Section.

            (3) The credit shall be earned when certified by the Insurance Institute for Business and Home Safety.

            (4)(a) The total amount of credits issued pursuant to the provisions of this Section shall not exceed ten million dollars per fiscal year.

            (b) The issuance of tax credits authorized by this Section shall be on a first-come, first-served basis. If the total amount of credits issued in a particular fiscal year exceeds the amount of tax credits authorized for that year, the department shall treat the excess as having been applied for on the first day of the subsequent year.

            (c) The department shall treat all requests received on the same business day as received at the same time. If the aggregate amount of the requests received on a single business day exceeds the total amount of available tax credits, the department shall issue tax credits on a pro rata basis.

            C. Application of the credit. Taxpayers that earn a tax credit shall claim the credit on their individual income tax return for the taxable period in which the credit is earned. If the total amount of tax credits certified exceeds the amount of such taxes due, any unused credit may be carried forward as a credit against subsequent tax liability for a period not to exceed three years.

            D. Application process, certification, and administration. (1) A resident taxpayer seeking a tax credit pursuant to this Section shall submit an application on a form prescribed by the department. The application period shall begin on January first and conclude on June thirtieth of the calendar year following the calendar year in which the credit is earned. The taxpayer shall submit a copy of the certificate issued by the Insurance Institute for Business and Home Safety certifying compliance with the fortified roof building standards when applying for the tax credit. The taxpayer shall attach all required documentation to the application.

            (2) The department shall review the application and any other information deemed necessary for determination of the qualified expenses eligibility.

            E.(1) Recapture of credits. If the department or the secretary find that expenses for which a taxpayer received credits pursuant to this Section were not for qualifying expenditures for a credit, then the taxpayer's state income tax for such taxable period shall be increased by such amount necessary for the recapture of credit provided by this Section.

            (2)(a) Recovery of credits by the Department of Revenue. Credits granted to a taxpayer, but later disallowed, may be recovered by the secretary through any collection remedy authorized by R.S. 47:1561 and initiated within three years from December thirty-first of the year in which the credit was taken.

            (b) The only interest that may be assessed and collected on recovered credits is interest determined in accordance with R.S. 47:1601(A)(2), which shall be computed from the original date of the return on which the credit was taken.

            (3) The provisions of this Subsection are in addition to and shall not limit the authority of the secretary to assess or to collect under any other provision of law.

            F. The department shall promulgate rules in accordance with the Administrative Procedure Act to establish the policies for administration of the eligibility criteria and any other matters necessary to carry out the purpose of this Section.

            G. A taxpayer shall not receive a tax credit pursuant to this Section if a grant amount is received by the taxpayer pursuant to the provisions of R.S. 22:1483.1.

            H. A taxpayer shall not receive any other state tax credit, exemption, exclusion, deduction, or any other tax benefit for which the taxpayer has received a tax credit pursuant to this Section.

            I. No credit shall be earned pursuant to the provisions of this Section after December 31, 2031.

            Acts 2025, No. 404, §1, eff. June 20, 2025.

            NOTE: See Acts 2025, No. 404, regarding qualifying expenditures.