The proposed bill establishes a new "Gun Storage Income Tax Credit" under the Income Tax Act for taxpayers who purchase secure gun storage devices. This credit, available for taxable years prior to January 1, 2028, allows eligible taxpayers to claim a one-time credit against their tax liability, equal to the purchase price of the secure gun storage, up to a maximum of $750. To qualify, the secure gun storage must be certified by the Department of Public Safety, and the total amount of credits certified in any calendar year is capped at $1,000,000. Taxpayers must apply for certification and provide proof of purchase, and the credit can be claimed in the year of purchase.

Additionally, the bill outlines specific provisions regarding the allocation of the credit for married individuals filing separately, as well as for those owning interests in business entities like partnerships or limited liability companies. Any portion of the credit that exceeds a taxpayer's tax liability will be refunded. The bill also mandates that the credit be included in the tax expenditure budget, ensuring transparency regarding its fiscal impact. The provisions of this act will apply to taxable years beginning on or after January 1, 2025.