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 specifies that any credit exceeding the taxpayer's tax liability is non-refundable but can be applied to the following year's tax liability.

The legislation applies to firearm safety devices purchased on or after the effective date of the bill and includes a retroactive applicability provision, making it effective from January 1, 2025, for tax years beginning on or after that date. This aims to encourage the purchase of safety devices to promote responsible firearm ownership.