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, up to a maximum of $750, for the purchase of certified secure gun storage. The bill outlines the application process for certification through the Department of Public Safety, which includes proof of purchase and compliance with safety standards. The total amount of credits certified in any calendar year is capped at $1 million, and applications will be processed in the order they are received.

Additionally, the bill specifies that any portion of the credit exceeding a taxpayer's tax liability will be refunded, and married individuals filing separately can only claim half of the credit available for joint filers. The credit can also be allocated among partners in a business entity taxed as a partnership or limited liability company, provided the entity meets eligibility requirements. The bill 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.