House Bill No. [insert number] proposes the enactment of R.S. 22:847, which introduces a tax on commercial general liability and dwelling fire insurance policies issued for single-family rental properties owned by for-profit businesses that acquire or own 40 or more such properties in a calendar year. The tax is set at $1,000 per property, with the first 39 properties exempt from this tax. The bill mandates that the commissioner of insurance collect the tax and remit the proceeds to the state treasurer.

The revenue generated from this tax will be directed to the Louisiana Fortify Homes Program Fund after fulfilling the requirements of the Bond Security and Redemption Fund as outlined in the Louisiana Constitution. The provisions of this bill will take effect on July 1, 2025, applying to the issuance or renewal of the specified insurance policies from that date forward.