HB 25-1128: Income Tax Credit for Firearm Safety Device

Summary

The bill creates a new income tax credit in an amount equal to the purchase price of a firearm safety device, not to exceed $200, that is purchased by an eligible taxpayer from a federally licensed dealer (credit). A firearm safety device is a device that is designed or can be used to store a firearm and is designed to be unlocked only by means of a key, a combination, or by other similar means. The credit is available for income tax years 2027 and 2028, and if the amount of the credit exceeds the eligible taxpayer's tax liability, the credit may be carried forward for a period of 5 income tax years. In addition, the maximum amount of aggregate credits that can be claimed in an income tax year is $5 million.(Note: This summary applies to this bill as introduced.)

Latest recorded action

House Committee on Finance Postpone Indefinitely

Mar 10, 2025

This is the latest action supplied by the source, not the full legislative history.

Track bills like this one

Mandate alerts you when a bill that matters to your organization moves, and explains what it means.