Senate Bill No. by Senator Duplessis establishes a new individual income tax credit for taxpayers who pay premiums on homeowner's insurance policies. The credit is designed for individuals whose income does not exceed 200% of the federal poverty guidelines. The amount of the credit is equal to the premium paid for homeowner's insurance on the taxpayer's primary residence, capped at $2,000. Additionally, the bill outlines specific provisions for refundability and carry-forward options for excess credits based on the taxpayer's income level.

For residents with a federal adjusted gross income of $25,000 or less, any excess credit beyond their tax liability will be refunded directly from current tax collections. For those with an income above $25,000, excess credits can be carried forward to offset future tax liabilities for up to five years. Taxpayers claiming this credit are required to maintain documentation verifying the insurance premium paid, and the Department of Revenue is authorized to create rules for implementing these provisions. The bill is set to take effect on January 1, 2026.