The proposed bill aims to introduce a new section, 135.770, to chapter 135 of the Revised Statutes of Missouri, which establishes tax credits for the purchase of firearm safety equipment. Under this new section, starting from January 1, 2027, taxpayers will be eligible to claim a tax credit against their state individual income tax liability for the total amount spent on approved firearm safes and safety devices, up to a maximum of $500 per tax year. The cumulative amount of tax credits available to all taxpayers is capped at $500,000 per calendar year, and any credits claimed beyond this limit will be allocated based on the order of claims. Additionally, the bill outlines the definitions of key terms related to firearm safety equipment, such as "firearm safe" and "firearm safety device," and mandates that the Department of Public Safety and the Department of Revenue jointly create rules for the approval of these items. The bill also specifies that tax credits cannot be carried forward to subsequent years, assigned, transferred, or sold. Furthermore, it includes a sunset provision, stating that the tax credit program will expire six years after its effective date unless reauthorized by the General Assembly.

Statutes affected:
Introduced (4973H.01): 135.770