Senate Bill No. [insert bill number] proposes a new individual income tax credit for the purchase of firearm safes, aimed at promoting community and family safety. The bill allows taxpayers to claim a credit equal to the purchase price of a firearm safe, up to a maximum of $300 per tax year. This credit is refundable, meaning that if a taxpayer's tax liability is less than the credit claimed, they will receive the difference as a refund. To qualify for the credit, the firearm safe must meet specific security requirements, including a robust locking system, secure 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 firearm safe purchase credit among the tax credits that will be reviewed by the revenue interim committee. This review will assess the effectiveness and impact of the credit on taxpayer decisions and the economy. The provisions of the bill will apply to income tax years beginning on or after January 1, 2026.

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