TAX/INSURANCE PREMIUM: 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)

The insurance premium tax calculation was changed from a tiered system (minimum tax plus percentage on amounts over $6,000) to a flat rate of 2.4% on gross annual written premiums.

A new automatic tax reduction provision was added, requiring the tax rate to decrease by 0.2% if total tax collections exceed $268 million, effective July 1, 2027, with a floor of 1%.

Eligibility criteria for tax credits related to Louisiana investments were updated to include specific requirements for core business functions, such as maintaining claim payment processes and customer service call centers in the state.

The bill text was reorganized and renumbered to align with a new legislative structure, moving the tax reduction section from §832 to §831 and adding new subsections.

Added Representatives Amedee, Billings, Boyer, Butler, Domangue, Firment, Horton, Jacob Landry, Schamerhorn, Spell, Wilder, and Wyble as co-sponsors to the bill.

Changed the summary description from repealing tax credits to providing relative to them, indicating a shift in how the policy is framed.

Rewrote the tax rate provisions to establish a flat rate structure and specific thresholds for tax reductions based on premium collections.

Updated the criteria for businesses to receive tax credits, changing requirements for employee location and core business functions to ensure specific economic activity remains in Louisiana.

Corrected the list of statutes being amended and repealed to include new sections and remove outdated references.