Tax Credit for Safe Firearm Storage Devices
This new law introduces a tax credit for retail sellers of safe firearm storage devices. The aim is to encourage safer storage of firearms in homes, potentially reducing accidental shootings, especially among children and youth. Citizens may indirectly benefit from lower prices or increased availability of such devices.
Key points
Retail sellers can receive a tax credit of 10% of the sale price for safe firearm storage devices, up to a maximum of $400 per device.
Eligible devices include safes, cases, or other locks designed to prevent unauthorized access to firearms or ammunition, secured by combination, key, or biometric locks.
The law excludes devices integrated into firearms and those subject to a mandatory recall by the Consumer Product Safety Commission.
These provisions will be in effect until the end of 2030, and the government will publish annual reports on the use of these tax credits.
Expired
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