If you’ve thought about upgrading your roof, you could soon have double the incentive to do so.
The House Ways and Means Committee advanced HB 145, which would double the tax deduction to cover costs associated with "fortified home" standards compliance from $5,000 to $10,000.
The bill, sponsored by Rep. Roger Wilder (R-Denham Springs) would give homeowners the motivation to retrofit their home with a roof more likely to withstand hurricane damage. It’s one of several insurance-related bills being considered this session.
“So this helps promote and encourage people to take the initiative, replace the roof, get that fortified roof, get the tax deduction. In addition, get the discount that the insurance companies have with the fortified roof. So there's, there's a lot of wins, if you will,” said Louisiana Insurance Commissioner Tim Temple.
Louisiana’s Fortified Homes Grant Program is modeled after Alabama's program, which has been in existence for over 10 years. Temple said the vast majority of the roofs that are fortified in Alabama are not through their grant program, but through voluntary adoption.
“Alabama has a $10,000 tax deduction. And I think this would help incentivize people (in Louisiana) as they put on either replacing the existing roof or building a new roof to put that fortified roof on,” said Temple.
And Temple said having a fortified home also helps those living around you.
”When you hit a certain number of roofs, you get a bigger benefit. From a reinsurance standpoint, it reduces cost. So not just the people that have the fortified roof, but a larger geographic footprint. This helps stimulate and promote fortified roofs,” said Temple.
The deduction would not apply to fortified home grant recipients.
A similar bill, SB 28, sponsored by Sen. Kirk Talbot (R-River Ridge), offers a $10,000 tax credit t for taxpayers who pay to have a fortified roof installed on their property. It passed unanimously in the upper chamber and awaits introduction to a House committee.
