This bill amends the Louisiana individual income tax law by revising the provisions related to the construction code retrofitting income tax deduction. It specifically updates the definition of the "construction code retrofitting deduction" to include compliance with the fortified home standards of the Insurance Institute for Business and Home Safety. The bill increases the maximum deduction amount from five thousand dollars to ten thousand dollars per retrofitted residential structure and clarifies that the deduction can be claimed in the taxable year when the retrofitting work is completed.

Additionally, the bill repeals certain existing provisions related to the deduction, streamlining the eligibility criteria and the process for claiming it. The Secretary of the Department of Revenue is tasked with creating rules and regulations to facilitate the implementation of these changes, including the necessary forms and verification documents for taxpayers. The new provisions will take effect for taxable periods beginning on or after January 1, 2026.

Statutes affected:
HB145 Original: 47:293(2)
HB145 Engrossed: 47:293(2)
HB145 Enrolled: 47:293(2)
HB145 Act 473: 47:293(2)