This bill creates a new income tax credit of up to $200 for purchasing a firearm safety device from a federally licensed dealer. The credit is available for the 2027 and 2028 tax years and can be carried forward for up to five years if it exceeds the taxpayer’s liability. The total amount of credits available statewide is capped at $5 million per year.
Summary
The bill creates a new income tax credit in an amount equal to the
purchase price of a firearm safety device, not to exceed $200, that is purchased by an eligible taxpayer from a federally licensed dealer (credit). A firearm safety device is a device that is designed or can be used to store a firearm and is designed to be unlocked only by means of a key, a combination, or by other similar means. The credit is available for income tax years 2027 and 2028, and if the amount of the credit exceeds the eligible taxpayer's tax liability, the credit may be carried forward for a period of 5 income tax years. In addition, the maximum amount of aggregate credits that can be claimed in an income tax year is $5 million.
