House File 2347 - Introduced




                                 HOUSE FILE       
                                 BY  COMMITTEE ON PUBLIC
                                     SAFETY

                                 (SUCCESSOR TO HSB 586)

                                      A BILL FOR

  1 An Act providing for an individual income tax credit for
  2    the purchase of a gun safe under certain conditions
  3    and including effective date and retroactive and other
  4    applicability provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  NEW SECTION.  422.10A  Gun safe tax credit.
  1  2    1.  The taxes imposed under this division, less the credits
  1  3 allowed under section 422.12, shall be reduced by a gun safe
  1  4 tax credit equal to fifty percent of the purchase price of a
  1  5 qualified gun safe, not to exceed one thousand dollars.  For
  1  6 purposes of this section, "qualified gun safe" means a safe
  1  7 specifically manufactured to store firearms and constructed of
  1  8 steel or a material of equal or greater strength, which safe is
  1  9 purchased new from a firearm dealer licensed under federal law,
  1 10 or a retailer as defined in section 423.1, and which safe is
  1 11 purchased for the personal, noncommercial use of the taxpayer.
  1 12    2.  Any credit in excess of the taxpayer's tax liability
  1 13 for the tax year is not refundable but may be credited to the
  1 14 tax liability for the following five years or until depleted,
  1 15 whichever occurs first.
  1 16    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of
  1 17 immediate importance, takes effect upon enactment.
  1 18    Sec. 3.  APPLICABILITY.  This Act applies to a qualified gun
  1 19 safe purchased on or after the effective date of this Act.
  1 20    Sec. 4.  RETROACTIVE APPLICABILITY.  This Act applies
  1 21 retroactively to January 1, 2016, for tax years beginning on
  1 22 or after that date.
  1 23                           EXPLANATION
  1 24 The inclusion of this explanation does not constitute agreement with
  1 25 the explanation's substance by the members of the general assembly.
  1 26    This bill creates an individual income tax credit for the
  1 27 purchase of a qualified gun safe. "Qualified gun safe" is
  1 28 defined as a safe specifically manufactured to store firearms
  1 29 and constructed of steel or a material of equal or greater
  1 30 strength, which safe is purchased new from a firearm dealer
  1 31 licensed under federal law, or a retailer as defined in
  1 32 Code section 423.1, and which is purchased for the personal,
  1 33 noncommercial use of the taxpayer.
  1 34    The credit is equal to 50 percent of the purchase price,
  1 35 not to exceed $1,000.  Any credit in excess of the taxpayer's
  2  1 liability is not refundable but may be carried forward for five
  2  2 years or until depleted, whichever occurs first.
  2  3    The bill takes effect upon enactment and applies to
  2  4 qualified gun safes purchased on or after that date, and
  2  5 applies retroactively to January 1, 2016, for tax years
  2  6 beginning on or after that date.
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