TAX/INSURANCE PREMIUM: Levies an insurance premium tax and dedicates the revenue to the Louisiana Fortify Homes Program

HB 662 proposes a new tax on specific insurance policies for certain for-profit businesses in Louisiana. This tax applies to commercial general liability or dwelling fire insurance policies for single-family rental properties owned by businesses that acquire or own 40 or more such properties in a calendar year. The tax rate is $1,000 per property, but it only applies to properties exceeding the first 39 owned or acquired by the business within that year. The revenue generated from this tax will be dedicated to the Louisiana Fortify Homes Program Fund, and the provisions are set to become effective on July 1, 2025.