Tax credit might be in store for Louisiana homeowners who add fortified roofs
The Louisiana Senate has approved a nonrefundable income tax credit for homeowners to help cover up to $10,000 in expenses for installing a fortified roof. (Getty Images)
The Louisiana Senate advanced a bill Monday that would create an individual income tax credit for homeowners who install a fortified roof.
Senate Bill 28, sponsored by Sen. Kirk Talbot, R-River Ridge, cleared the chamber in a unanimous vote.
The measure would give homeowners a nonrefundable income tax credit for up to $10,000 for out-of-pocket expenses used to pay for a fortified roof.
Fortified roofs are built with improved techniques and materials designed to prevent leaks and withstand hurricane-force winds, lowering the risk of storm damage and typically lowering homeowner insurance rates. The Insurance Institute for Business and Home Safety (IBHS) set standards for the products and materials used,
The Louisiana Department of Insurance began its Fortify Homes Program about two years ago, offering grants of up to $10,000 to homeowners who want to upgrade their roofs and can cover any costs in excess of that amount.
A homeowner who receives a fortified roof grant from the insurance department would also be able to claim the tax credit but only for amounts the grant does not cover. The median cost of a fortified roof in Louisiana is about $16,229.
Combined, the grant and the tax credit could allow more Louisiana homeowners to invest in fortified roofs, which could reduce the cost of property insurance. Louisiana Legislative Auditor Mike Waguespack reviewed the Fortify Homes Program recently and found that roofs built through the grant program directly reduced homeowners' insurance costs at a median rate of 22%.
The state's Fortify Homes program is in its third year of existence and has awarded more than 1,800 grants since its first round of funding in October 2023. Many more homeowners have opted to upgrade their roofs without grant money. As of Feb. 1, the IBHS had issued 5,413 fortified certificates to property owners in Louisiana, according to the auditor's report.
Talbot's proposal limits the total amount of credits the state may issue in a single fiscal year to $10 million, and they are to be issued on a first-come, first-served basis.
The bill next heads to the House for consideration.
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