Tax credit for safe gun storage expenses.
Tax credit for safe gun storage expenses. Provides that a taxpayer is entitled to a credit against the taxpayer's state income tax liability in a taxable year equal to the lesser of: (1) 20% multiplied by the safe gun storage expenses incurred by the taxpayer during the taxable year; or (2) $200 (or $100 in the case of a married individual filing a separate return). Defines "safe gun storage expenses" as the purchase price of a qualified firearms storage device. Defines "qualified firearms storage device" as: (1) a safe, lockbox, cabinet, or other container designed to store firearms securely by restricting access to the firearms by a locking device; or (2) a locking device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device. Provides that to obtain the credit, the taxpayer must claim the credit in the manner prescribed by the department of state revenue (department). Requires the taxpayer to submit to the department proof of the taxpayer's safe gun storage expenses and all information that the department determines is necessary for the calculation of the credit. Provides that the department shall not share any information submitted by the taxpayer with any other state or federal agency. Prohibits the taxpayer from claiming any carryover, carryback, or refund of any unused credit.
This bill, HB1597, proposes a tax credit for individuals who incur expenses related to safe gun storage. Specifically, it allows taxpayers to claim a credit equal to 20% of their safe gun storage expenses, up to a maximum of $200, or $100 for married individuals filing separately. Safe gun storage expenses include the purchase of devices such as safes, lockboxes, cabinets, or locking devices that prevent firearms from being operated without deactivation. To claim the credit, taxpayers must provide proof of their expenses to the state's Department of Revenue. The bill ensures that the department will not share this information with other agencies and prohibits taxpayers from carrying over, carrying back, or refunding any unused credit.
The bill affects gun owners who invest in safe storage solutions. By offering a tax credit, it aims to incentivize the use of secure storage methods, potentially reducing risks associated with unsafe gun storage. The bill is currently in its early stages, having been introduced and referred to the Committee on Ways and Means for further consideration.
As of the last update, HB1597 was introduced on January 21, 2025, and was coauthored by Representatives Lucas, Gore, and primarily sponsored by Representative Hall. The bill has been referred to the House Committee on Ways and Means for review.