1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 HOUSE BILL 3427 By: Archer
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6 AS INTRODUCED
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7 An Act relating to revenue and taxation; defining
7 terms; creating income tax credit for firearm safety
8 devices; prohibiting credit from reducing tax
8 liability to less than zero; providing five-year
9 carryover; and providing an effective date.
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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13 SECTION 1. NEW LAW A new section of law to be codified
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14 in the Oklahoma Statutes as Section 2357.407 of Title 68, unless
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15 there is created a duplication in numbering, reads as follows:
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16 A. As used in this section:
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17 1. "Eligible transaction" means a transaction in which a
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18 taxpayer purchases one or more qualified or qualifying expenses. An
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19 eligible transaction shall not include the purchase of a firearm;
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20 2. "Qualified expense" means firearm safety devices. Firearm
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21 safety devices include a safe, gun safe, gun case, lock box, or any
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22 other device designed to store a firearm and that is designed to be
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23 unlocked only by means of a key, a combination, or other similar
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24 means; and
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Req. No. 9133 Page 1
 1 3. "Taxpayer" means a natural person.
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2 B. For taxable years beginning on or after January 1, 2025,
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3 there shall be allowed as a credit against the tax imposed pursuant
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4 to Section 2355 of Title 68 of the Oklahoma Statutes in the amount
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5 of Five Hundred Dollars ($500.00) for the cost that a taxpayer
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6 incurs in the purchase of one or more qualified expenses of One
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7 Thousand Dollars ($1,000.00) or more, and in the amount of Three
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8 Hundred Dollars ($300.00) for the cost that a taxpayer incurs in the
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9 purchase of one or more qualified expenses less than One Thousand
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10 Dollars ($1,000.00).
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11 C. The credit authorized by this section shall not be used to
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12 reduce the income tax liability of the taxpayer to less than zero
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13 (0).
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14 D. To the extent not used, the credit authorized by this
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15 section shall be allowed to carry over, in order, to each of the
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16 five (5) following taxable years.
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17 SECTION 2. This act shall become effective January 1, 2025.
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19 59-2-9133 AO 01/16/24
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Req. No. 9133 Page 2


Statutes affected:
Senate Committee Substitute for House Bill: 68-1357
Floor (Senate): 68-1357