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 but cannot exceed $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. This ensures that the credit will be evaluated periodically to assess its effectiveness and impact. 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