§297.7. Property insurance tax credit

NOTE: §297.7 as enacted by Acts 2007, No. 447, §2, and as amended by Acts 2007, No. 371, §4, eff. July 1, 2008.

A. For tax years beginning during 2008 only, there shall be allowed as a credit against the individual income tax determined as provided in this Part each tax year seven percent of the premiums for a homeowner's insurance policy, condominium owners' insurance policy, or a tenant homeowners' insurance policy paid by the individual during the tax year for the primary residence of the individual, less the amount for which a credit is granted pursuant to R.S. 47:6025.

B. Notwithstanding any other provision of law to the contrary, any excess of allowable credit established by this Section over the tax liabilities against which such credit can be applied, as provided in this Section, shall constitute an overpayment, as defined in R.S. 47:1621(A), and the secretary shall make a refund of such overpayment from the current collections of the taxes imposed by Chapter 1 of Subtitle II of this Title, together with interest as provided in R.S. 47:1624. The right to a credit or refund of any such overpayment shall not be subject to the requirements of R.S. 47:1621(B). All credits and refunds, together with interest thereof, must be paid or disallowed within one year of receipt by the secretary of any such claim for refund or credit. Failure of the secretary to pay or disallow, in whole or in part, any claim for a credit or a refund shall entitle the aggrieved taxpayer to proceed with the remedies provided in R.S. 47:1625.

Acts 2007, No. 371, §4, eff. July 10, 2007; Acts 2007, No. 447, §2, eff. July 1, 2008.