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Tax Credit for Retail Sales of Safe Firearm Storage Devices.

This Act introduces a new tax credit for retail sellers of safe firearm storage devices. Citizens may benefit indirectly from potentially lower prices for these devices, encouraging safer storage of firearms in homes. The goal is to reduce the risk of family fire incidents by providing financial support to businesses offering safes and locks.
Key points
New Tax Credit: Retail sellers can claim a credit equal to 10% of the revenue from the first retail sale of safe firearm storage devices.
Credit Limit: The maximum revenue amount considered for the credit is limited to $400 per device.
Device Definition: The device must be designed to deny unauthorized access to a firearm or ammunition, secured by a combination, key, or biometric lock.
Duration: The tax credit provision is set to terminate for sales made after December 31, 2032.
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Status: Introduced
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Additional Information
Print number: 119_HR_169
Sponsor: Rep. Levin, Mike [D-CA-49]
Process start date: 2025-01-03