Taxpayers Reminded of Louisiana Citizens Rebate

Louisiana’s insurance commissioner is reminding taxpayers to claim the Louisiana Citizens Property Insurance Assessment rebate this tax season.

Commissioner Jim Donelon said Wednesday nearly two-thirds of available Citizens rebate funds – nearly $240 million = went unclaimed at the end of 2013.

Donelon said whether a resident has property insurance through Citizens or another provider, that resident is entitled to the rebate once the individual paid the assessment on a property insurance bill.

The allotted time to claim funds for 2006 through 2009 has expired and nearly $256 million or 54 percent of those assessment funds went unclaimed, he said. The option to claim the 2010 assessment will expire after Dec. 31.

The amount of the assessment rebate can be found on the declaration page of a property insurance policy. Once a policyholder knows the amount of their assessment, they can claim rebates for 2010 through 2013 in one of three ways:

– as a tax credit on the Louisiana Income Tax Return due each May. The rebate will be included in the total tax calculation.

– online through the state Department of Revenue’s webpage, www.revenue.louisiana.gov/fileonline.

– by mailing a one-page paper form, along with the insurance declarations page, to the state Department of Revenue. Forms (R-540INS) for all four calendar years are on the state websites for both the revenue and insurance departments.

Businesses may also claim the Citizens rebate by filing the Department of Revenue Form R-620INS or by filing a current-year or amended tax return.

Individual policyholders may also claim the rebate by amending a prior-year tax return. A copy of the insurance policy declaration page showing proof of the assessment amount must be attached to any claim form.