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- Title
Insurance Premium Tax Credits and Economic Development in Louisiana.
- Authors
Berry, Christine T.; Eisenstadt, Robert C.; Nelson, Paul S.
- Abstract
Louisiana has a relatively high premium tax. With the intention of encouraging the growth of insurance firms, Louisiana offers substantial insurance premium tax credits. Two of these premium tax credits also have the purpose of encouraging insurance firms to maintain assets within Louisiana or to provide venture capital to Louisiana firms. These and other credits make the average effective rate of taxation relatively low. The result of this complex tax structure is that Louisiana-domiciled firms are favored over out-of-state firms, as well as larger firms over small. However, due to retaliatory taxes, Louisiana-domiciled firms are at a disadvantage when expanding into other states. Further, because large firms are better able to take advantage of these credits, a barrier to the establishment of new firms is created.
- Subjects
LOUISIANA; INSURANCE premiums; INSURANCE rates; TAX credits; TAXATION; VENTURE capital
- Publication
Journal of Insurance Regulation, 2007, Vol 25, Issue 4, p69
- ISSN
0736-248X
- Publication type
Article