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. To qualify, taxpayers must apply for certification from the Department of Public Safety, which will issue a certificate of eligibility based on the technical specifications and safety standards of the storage device. 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 outlines the process for claiming the credit, including the requirement to apply within twelve months of the purchase and the provision for refunds if the credit exceeds the taxpayer's liability. It also specifies that married individuals filing separately can only claim half of the credit, and that business entities taxed as partnerships or LLCs can allocate the credit based on ownership interest. The bill mandates that the credit be included in the tax expenditure budget, ensuring transparency regarding its fiscal impact.