Tax Credit for Safe Firearm Storage Devices
The bill, cited as the Prevent Family Fire Act of 2023, amends the Internal Revenue Code to allow a tax credit for retail sales of safe firearm storage devices. The credit applies to devices designed to deny unauthorized access to firearms or ammunition.
Key points
Retailers may claim a tax credit equal to 10% of the sale price, with the credit amount capped at $40 per device.
Eligible devices include those secured by combination, key, or biometric locks, excluding devices incorporated into the design of the firearm itself.
The credit is applicable to sales made before the termination date of December 31, 2030.
Expired
Citizen Poll