SPONSOR: Hein
Beginning January 1, 2026, this bill allows a taxpayer to claim a tax credit against the total amount paid for the purchase of firearm safes and firearm safety devices up to $500.
The tax credit claimed must not exceed the amount of the taxpayer's tax liability.
The bill adds that the cumulative amount of tax credits allowed to all taxpayers must not exceed $500,000 per year. If the amount of tax credits does exceed $500,000, authorization of tax credits will be based on the order in which credits are claimed.
No credit issued under the provisions of this bill can be carried forward to the subsequent tax year, nor be assigned, transferred, or sold.
The provisions of this bill sunset six years after the effective date.
This bill is the same as HB 1891 (2024) and similar to HB 620 (2023).
Statutes affected: