Who is citizens insurance

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Interested in Market? Get automatic alerts for this topic. Who We Are Recent News. Previous Banner. Next Banner. Site Map. Governance navigation Governance. Financials navigation Financials. Reports navigation Reports. Business to Business navigation Business to Business. Careers navigation Careers. Web Content Display Global. Who We Are. About Us Who We Are. Asset Publisher. If you are a customer of the Louisiana Citizens Insurance Corporation, and you paid the Tax Exempt Surcharge, this surcharge may not be claimed.

The credit may only be claimed in the year paid regardless of the due date of your premium. For example, Citizens assessments paid on January 1, thru December 31, may be claimed on the income tax return which is due in A copy of the property's insurance declaration page and supplemental page, if needed, that shows the separate charges for the LA Citizens assessments must be attached to the paper corporation income tax returns.

A substitute document issued by your insurance company that contains the line item LA Citizens assessments will be accepted if the original declaration page is not available. Documents showing proof that the LA Citizens assessments were paid such as cancelled checks, an image of a check, or an itemized escrow statement should be retained for four years and produced in the case of an audit.

If the return was filed electronically, the declaration page and supplemental page that show the separate charges for the LA Citizens assessments and proof of payment must be retained for four years and produced in the case of an audit. If the return was prepared by a paid tax preparer, a copy of the property's insurance declaration page and supplemental page that shows the separate charges for the LA Citizens assessments and proof of payment must be provided to the preparer.

A preparer may not claim this credit without documentation of payment of the assessment. If the return is filed electronically, the preparer must keep a copy of this documentation. The form that you use to claim the credit will depend on whether the entity is required to file a Louisiana Corporation Income and Franchise Tax return. Documentation, including proof of payment, for each property listed must be attached to the form when it is filed.

If the business that paid the LA Citizens assessments is a sole proprietorship, the credit must be claimed on the individual income tax return. If the business that paid the LA Citizens assessments operated as an S corporation, the LA Citizens credit must be used at the corporation level unless the S corporation makes the annual flow through election provided for in R.

An S corporation that is entitled to the LA Citizens credit may elect to flow through the entire amount of the credit to its shareholders. The election may be made separately for each credit received by the S corporation and is made annually.