Governor Blanco has signed into law HB 120 which provides a rebateable state tax credit to offset surcharges (taxes) levied by Louisiana Citizens Property Insurance Corporation to pay off its billion dollar debt on all private as well as Citizens’ insurance policies. This tax relief applies to individuals and businesses.

After threatening to veto any tax breaks if she wasn’t allowed to give pay raises to public employees, she has given hundreds of thousands of LA citizens and businesses an early Christmas present.

Public Affairs Research Council (PAR) called the tax break “wasteful” and belittled the amount of the tax break. However, it is a more valuable gift than most in LA will receive from Santa Claus.

HB 120 is the gift that keeps on giving. As long as the surcharge/tax for the debt is levied the credit will be granted each year.

Thank you, Governor Blanco!

C.B.