Tax Credits and Deductions

A FORTIFIED Roof has added benefits and can help pay for itself.

ALABAMA

The Retrofit Tax Deduction provides residents an opportunity to get a tax break when mitigating their homes or businesses. You can deduct up to $3,000 or 50% of the cost of the work, whichever is less on your State taxes. Here is the actual language from the 2016 Alabama Form 40 Booklet (Page 16).

LOUISIANA 

Mitigation Programs and Other Incentives- The Louisiana Residential Property Storm Mitigation Incentives provides homeowners insurance premium discounts and tax deductions. To qualify, homeowners must voluntarily retrofit their existing home and bring it up to the current code. Additionally, there are exclusions from local sales and use tax when purchasing storm shutter devices for hurricane protection.

Tax Credits- Homeowners can save up to $5,000 or half the costs of home retrofits, whichever is less. These savings include FORTIFIED and other construction retrofits the state of Louisiana recognizes. (Page 7).

The Louisiana Citizens assessment- This is not a tax credit, it's a refund on your property insurance. Homeowners pay The Louisiana Citizens Property Insurance Corporation assessment as part of their property insurance bill each year. It is a fee to cover the costs of damages from hurricanes Katrina. If you paid this with your premium, the amount is listed on your policy's declarations page and is partially refundable once it is paid.

SOUTH CAROLINA 

Residents of South Carolina qualify for a tax credit based on the cost to mitigate their home against natural catastrophes. There are also incentives for opening a catastrophe savings account. Learn more from the South Carolina Department of Insurance.