This bill establishes an individual income tax credit for the purchase of firearm safety devices, which includes devices designed to prevent a firearm from being operated without deactivation or a qualified gun safe. The tax credit is equal to the sales price of the firearm safety device purchased during the tax year, with a maximum limit of $500. The bill defines a qualified gun safe as one specifically manufactured for firearm storage, made of steel or a comparable material, and purchased new from a federally licensed firearms dealer or a defined retailer for personal, noncommercial use. Any credit exceeding the taxpayer's liability is non-refundable but can be applied to the following year's tax liability.

The provisions of the bill apply to firearm safety devices purchased on or after its effective date and include retroactive applicability to January 1, 2025, for tax years beginning on or after that date. This means that taxpayers can claim the credit for eligible purchases made from that date forward.