HB 81/a GUN STORAGE TAX CREDIT

Rep Andrea R Reeb

Actions: HPREF [2] HCEDC/HTRC-HCEDC [4] DP/a-HTRC

Scheduled: Not Scheduled

 House Bill 81 (HB 81) creates the Gun Storage Income Tax credit. 

 House Bill 81 (HB 81) creates the Gun Storage Income Tax Credit (credit) for purchases of secure gun storage prior to 2027. Secure gun storage means a lockable new safe, gun safe, gun case, or lock box or device that can be used to store a firearm.

The credit is in the amount of the purchase price up to $750. The aggregate total of credits is $500,000 per year. Once the cap is reached, no further applications will be approved for a credit. If the credit exceeds the taxpayer’s liability the remainder is refundable.

Taxation and Revenue Department is charged with annual reporting that includes aggregate information and an analysis to determine the cost of the credit. 

HB 81 is effective January 1, 2024.
 

 Amended January 29, 2024 in HCEDC

HCEDCa/ HB 81: The House Commerce & Economic Development Committee amends House Bill 81 as follows:

In Section 1, Subsection B (page 2, line 12) the House Commerce & Economic Development Committee strikes the that the Department of Public Safety may require any additional information to determine eligibility for the credit.

In Section 1, Subsection B (page 2, line 20) language is added that allows the Department of Public Safety may promulgate rules governing the procedure for administering the provisions of the subsection.
 

 HB 81 relates to HB 266.