House File 132 - Introduced HOUSE FILE 132 BY A. MEYER A BILL FOR An Act providing for an individual income tax credit for the 1 purchase of firearm safety devices and including retroactive 2 and other applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1765YH (2) 91 jm/jh
H.F. 132 Section 1. NEW SECTION . 422.10C Firearm safety device tax 1 credit. 2 1. The taxes imposed under this subchapter, less the credits 3 allowed under section 422.12, shall be reduced by a firearm 4 safety device tax credit equal to the sales price of a firearm 5 safety device purchased during the tax year by the taxpayer, 6 not to exceed five hundred dollars. 7 2. For purposes of this section: 8 a. “Firearm safety device” means a device designed 9 to prevent a firearm from being operated without first 10 deactivating the device or a qualified gun safe. 11 b. “Qualified gun safe” means a safe specifically 12 manufactured to store firearms and constructed of steel or a 13 material of equal or greater strength, which safe is purchased 14 new by the taxpayer from a firearms dealer licensed under 15 federal law, or a retailer as defined in section 423.1, and 16 which safe is purchased for the personal, noncommercial use of 17 the taxpayer. 18 c. “Sales price” means the same as defined in section 423.1. 19 3. Any credit in excess of the taxpayer’s tax liability for 20 the tax year is not refundable but may be credited to the tax 21 liability for the following year. 22 Sec. 2. APPLICABILITY. This Act applies to firearm safety 23 devices purchased on or after the effective date of this Act. 24 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 25 retroactively to January 1, 2025, for tax years beginning on 26 or after that date. 27 EXPLANATION 28 The inclusion of this explanation does not constitute agreement with 29 the explanation’s substance by the members of the general assembly. 30 This bill creates an individual income tax credit for the 31 purchase of firearm safety devices. “Firearm safety device” 32 is defined to mean a device designed to prevent a firearm 33 from being operated without first deactivating the device 34 or a qualified gun safe. “Qualified gun safe” is defined 35 -1- LSB 1765YH (2) 91 jm/jh 1/ 2
H.F. 132 to mean a safe specifically manufactured to store firearms 1 and constructed of steel or a material of equal or greater 2 strength, which safe is purchased new by a taxpayer from a 3 firearms dealer licensed under federal law, or a retailer as 4 defined in Code section 423.1, and which is purchased for the 5 personal, noncommercial use of the taxpayer. 6 The credit is equal to the sales price of the firearm safety 7 device, not to exceed $500. Any credit in excess of the 8 taxpayer’s liability is not refundable but may be credited to 9 the tax liability for the following year. 10 The bill applies to firearm safety devices purchased on or 11 after the effective date of the bill, and applies retroactively 12 to January 1, 2025, for tax years beginning on or after that 13 date. 14 -2- LSB 1765YH (2) 91 jm/jh 2/ 2