Senate Bill No. [insert bill number] introduces a refundable individual income tax credit for the purchase of firearm safes, aimed at promoting community and family safety. The credit, which can be claimed in the tax year of purchase, is equal to the purchase price of the safe, capped at $300 per taxpayer. To qualify for the credit, the firearm safe must meet specific security requirements, including a locking system with at least 10,000 combinations, a minimum steel thickness for construction, and certification by a recognized testing laboratory.

Additionally, the bill amends Section 15-30-2303 of the Montana Code Annotated to include the new credit for firearm safes among the tax credits subject to review by the interim committee. The act is set to apply to income tax years beginning on or after January 1, 2026. The inclusion of this credit in the review process ensures that its effectiveness and impact on taxpayers will be evaluated periodically.

Statutes affected:
LC Text: 15-30-2303
SB0531_1(1): 15-30-2303
SB0531_1(2): 15-30-2303
SB0531_1: 15-30-2303