NU Online News Service, Feb. 22, 12:42 p.m. EST

Almost $59 million in state tax rebate money related to Louisiana's property insurer of last resort went unclaimed in 2008, Insurance Commissioner Jim Donelon advised consumers.

Commissioner Donelon made the announcement with Department of Revenue Deputy Secretary Earl Millet in a joint promotion of opportunities for the public to save money on taxes for 2009.

In urging Louisiana homeowners to take advantage of insurance-related tax savings available to them, Commissioner Donelon said that about 60 percent of available money went unclaimed last year.

Property owners, he said, are entitled to a state tax rebate, whether they file taxes or not, for the Louisiana Citizens Property Insurance Corporation assessment charged on their 2009 policy.

If homeowners have not filed a claim form with the Department of Revenue to recoup the amount paid, Commissioner Donelon said, they can claim the rebate due on their State Tax Return.

The deadline for assessments paid in 2005 and 2006 is the end of Dec. 2010, Commissioner Donelon reminded.

He also reminded homeowners about the Federal Hurricane Tax Deduction for Uncompensated Damages from Hurricanes Ike and Gustav, which allows homeowners to claim hurricane damages on their taxes for 2008.

The tax relief package, Commissioner Donelon explained, allows taxpayers to claim damage that exceeds $100 on their federal taxes for 2008, and he said property owners who had uncompensated damages from Hurricanes Ike or Gustav may still amend their federal tax filing for 2008.

Two more savings opportunities relate to retrofitting homes to bring them into compliance with the State Uniform Construction Code. A state tax deduction is available in an amount equal to 50 percent of the cost paid or incurred for the retrofit on or after Jan. 1, 2007, less the value of any other state, municipal or federally sponsored financial incentives, and limited to $5,000, Commissioner Donelon said.

He added that insurance premium discounts for State Uniform Construction Code retrofits are also available. Each company has established savings amounts allowed to homeowners for the various mitigation techniques, Commissioner Donelon said, and inspection and certification must be performed by a building code enforcement officer.

Special Reports /

Donelon Reminds La. Consumers About Tax Savings

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