Louisiana Insurance Commissioner Jim Donelon and Department of Revenue Deputy Assistant Secretary Gary Matherne are urging those who have had a property and casualty insurance policy on their property during the last four years to claim the rebate for the Louisiana Citizens Property Insurance Corp. (Citizens) Assessment charged on their insurance policy.
Dec. 31, 2011, is the deadline to claim assessments paid for 2007. Eleven million or 16 percent of the $70 million Citizens Assessment for 2007 has not been claimed.
Currently, almost $268.5 million or 58 percent of the total rebate amount currently available for 2007 through 2011 has not been claimed by individuals.
“Claiming the rebate is simple,” said Commissioner Donelon. “Just fill out the Louisiana Department of Revenue tax form for the year in which you paid the Citizens Assessment and mail or fax it in with your insurance declaration page showing the assessment has been included in the insurance premium. The whole process doesn’t take more than ten minutes.”
There is a deadline fast approaching for individuals to claim the rebates. People and businesses have until Dec. 31, 2011, to claim the Citizens Assessment paid in 2007. This can be claimed by completing the Department of Revenue 2007 Form R-540INS.
A copy of the insurance policy declaration page showing proof of the assessment amount must be attached to the form. Policyholders can choose to claim the rebate as soon as they pay the insurance premium that includes the Citizens assessment or when filing the State Tax Return due each May. Claimants should be sure not to claim the rebate on both the INS form and the tax return since this will delay the refund, according to the insurance department announcement.
Below is a chart showing the available unclaimed rebate amounts listed by year.
Citizens Assessments Unclaimed as of Nov. 1, 2011
| Year | Assessment Amount Collected | Dollar Amount Claimed with LDR | Dollar Amount Left Unclaimed | Percent Dollar Amount Unclaimed |
| 2007 | $70,164,783 | $59,164,188 | $11,000,595 | 15.67% |
| 2008 | $100,234,934 | $46,708,756 | $53,526,178 | 54.40% |
| 2009 | $107,958,525 | $49,935,379 | $58,023,146 | 53.74% |
| 2010* | $102,472,710 | $40,981,124 | $61,491,586 | 60.00% |
| 2011* | $85,000,000 | $529,714 | $84,470,286 | 99.37% |
| Total | $465,830,952 | $197,319,161 | $268,511,791 | 57.64% |
*Incomplete data due to additional time to file available
The tax forms are available from the Department of Insurance home page at www.ldi.la.gov by clicking on the newsreel link, “Louisiana Citizens Insurance Tax Credit.”
Source: Louisiana Department of Insurance
Topics Louisiana
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