Bill Text: IA HF461 | 2017-2018 | 87th General Assembly | Introduced

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Bill Title: A bill for an act providing for an individual income tax credit for the purchase of a gun safe under certain conditions and including effective date and retroactive and other applicability provisions. (Formerly HSB 136.)

Spectrum: Committee Bill

Status: (Introduced - Dead) 2017-03-07 - Subcommittee: Kaufmann, Kurth and Vander Linden. H.J. 543. [HF461 Detail]

Download: Iowa-2017-HF461-Introduced.html

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House File 461 - Introduced




                                 HOUSE FILE       
                                 BY  COMMITTEE ON PUBLIC
                                     SAFETY

                                 (SUCCESSOR TO HSB 136)

                                      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:
    TLSB 1348HV (1) 87
    mm/sc

PAG LIN



  1  1    Section 1.  NEW SECTION.  422.10C  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 sales price of
  1  5 a qualified gun safe purchased during the tax year by the
  1  6 taxpayer, not to exceed two thousand dollars per qualified gun
  1  7 safe purchase.
  1  8    2.  For purposes of this section:
  1  9    a.  "Qualified gun safe" means a safe specifically
  1 10 manufactured to store firearms and constructed of steel or a
  1 11 material of equal or greater strength, which safe is purchased
  1 12 new by the taxpayer from a firearms dealer licensed under
  1 13 federal law, or a retailer as defined in section 423.1, and
  1 14 which safe is purchased for the personal, noncommercial use of
  1 15 the taxpayer.
  1 16    b.  "Sales price" means the same as defined in section 423.1.
  1 17    3.  Any credit in excess of the taxpayer's tax liability
  1 18 for the tax year is not refundable but may be credited to the
  1 19 tax liability for the following five years or until depleted,
  1 20 whichever occurs first.
  1 21    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of
  1 22 immediate importance, takes effect upon enactment.
  1 23    Sec. 3.  APPLICABILITY.  This Act applies to a qualified gun
  1 24 safe purchased on or after the effective date of this Act.
  1 25    Sec. 4.  RETROACTIVE APPLICABILITY.  This Act applies
  1 26 retroactively to January 1, 2017, for tax years beginning on
  1 27 or after that date.
  1 28                           EXPLANATION
  1 29 The inclusion of this explanation does not constitute agreement with
  1 30 the explanation's substance by the members of the general assembly.
  1 31    This bill creates an individual income tax credit for the
  1 32 purchase of a qualified gun safe. "Qualified gun safe" is
  1 33 defined as a safe specifically manufactured to store firearms
  1 34 and constructed of steel or a material of equal or greater
  1 35 strength, which safe is purchased new by a taxpayer from a
  2  1 firearms dealer licensed under federal law, or a retailer as
  2  2 defined in Code section 423.1, and which is purchased for the
  2  3 personal, noncommercial use of the taxpayer.
  2  4    The credit is equal to 50 percent of the sales price, not to
  2  5 exceed $2,000 per qualified gun safe purchase.  Any credit in
  2  6 excess of the taxpayer's liability is not refundable but may
  2  7 be carried forward for five years or until depleted, whichever
  2  8 occurs first.
  2  9    The bill takes effect upon enactment and applies to
  2 10 qualified gun safes purchased on or after that date, and
  2 11 applies retroactively to January 1, 2017, for tax years
  2 12 beginning on or after that date.
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