HB 1318 IN

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Provides that a taxpayer is entitled to a credit against the taxpayer's state income tax liability in a taxable year equal to the lesser of: (1) 20% multiplied by the safe gun storage expenses incurred by the taxpayer during the taxable year; or (2) $500 in the case of an individual filing a single return (or $250 in the case of a married individual filing a separate return). Defines "safe gun storage expenses" as the purchase price of a qualified firearms storage device. Defines "qualified firearms storage device" as: (1) a safe, lockbox, cabinet, or other container designed to store firearms securely by restricting access to the firearms by a locking device; or (2) a locking device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device. Provides that to obtain the credit, the taxpayer must claim the credit in the manner prescribed by the department of state revenue (department). Requires the taxpayer to submit to the department proof of the taxpayer's safe gun storage expenses and all information that the department determines is necessary for the calculation of the credit. Prohibits the taxpayer from claiming any carryover, carryback, or refund of any unused credit.

• Dave Hall Republican · author

1. Jan 10, 2024 Coauthored by Representative Gore · lower
2. Jan 10, 2024 Authored by Representative Hall · lower
3. Jan 10, 2024 First reading: referred to Committee on Ways and Means · lower
4. Jan 16, 2024 Representatives Pierce K and Criswell C added as coauthors · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced House Bill (H) · PDF