TAX CREDITS: Establishes an income tax credit for certain amount of annual auto insurance premiums paid by a taxpayer (OR GF RV See Note)

HB 331 creates a Louisiana income tax credit for residents who pay auto insurance premiums on vehicles they own. It allows a credit equal to the amount paid above $2,500 per vehicle (capped at $5,000 per vehicle for up to two vehicles annually). Unused credit can be carried forward for up to five years to offset future tax bills. The credit applies to taxable years starting January 1, 2026, and expires after 2031. It directly benefits Louisiana individual taxpayers with auto insurance costs exceeding the threshold.