Bill Text: IA HSB136 | 2017-2018 | 87th General Assembly | Introduced
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.
Spectrum: Committee Bill
Status: (N/A - Dead) 2017-02-27 - Committee report, recommending passage. H.J. 472. [HSB136 Detail]
Download: Iowa-2017-HSB136-Introduced.html
House
Study
Bill
136
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
PUBLIC
SAFETY
BILL
BY
CHAIRPERSON
BAUDLER)
A
BILL
FOR
An
Act
providing
for
an
individual
income
tax
credit
for
1
the
purchase
of
a
gun
safe
under
certain
conditions
2
and
including
effective
date
and
retroactive
and
other
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
1348YC
(4)
87
mm/sc
H.F.
_____
Section
1.
NEW
SECTION
.
422.10C
Gun
safe
tax
credit.
1
1.
The
taxes
imposed
under
this
division,
less
the
credits
2
allowed
under
section
422.12,
shall
be
reduced
by
a
gun
safe
3
tax
credit
equal
to
fifty
percent
of
the
sales
price
of
4
a
qualified
gun
safe
purchased
during
the
tax
year
by
the
5
taxpayer,
not
to
exceed
two
thousand
dollars
per
qualified
gun
6
safe
purchase.
7
2.
For
purposes
of
this
section:
8
a.
“Qualified
gun
safe”
means
a
safe
specifically
9
manufactured
to
store
firearms
and
constructed
of
steel
or
a
10
material
of
equal
or
greater
strength,
which
safe
is
purchased
11
new
by
the
taxpayer
from
a
firearms
dealer
licensed
under
12
federal
law,
or
a
retailer
as
defined
in
section
423.1,
and
13
which
safe
is
purchased
for
the
personal,
noncommercial
use
of
14
the
taxpayer.
15
b.
“Sales
price”
means
the
same
as
defined
in
section
423.1.
16
3.
Any
credit
in
excess
of
the
taxpayer’s
tax
liability
17
for
the
tax
year
is
not
refundable
but
may
be
credited
to
the
18
tax
liability
for
the
following
five
years
or
until
depleted,
19
whichever
occurs
first.
20
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
21
immediate
importance,
takes
effect
upon
enactment.
22
Sec.
3.
APPLICABILITY.
This
Act
applies
to
a
qualified
gun
23
safe
purchased
on
or
after
the
effective
date
of
this
Act.
24
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
25
retroactively
to
January
1,
2017,
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
a
qualified
gun
safe.
“Qualified
gun
safe”
is
32
defined
as
a
safe
specifically
manufactured
to
store
firearms
33
and
constructed
of
steel
or
a
material
of
equal
or
greater
34
strength,
which
safe
is
purchased
new
by
a
taxpayer
from
a
35
-1-
LSB
1348YC
(4)
87
mm/sc
1/
2
H.F.
_____
firearms
dealer
licensed
under
federal
law,
or
a
retailer
as
1
defined
in
Code
section
423.1,
and
which
is
purchased
for
the
2
personal,
noncommercial
use
of
the
taxpayer.
3
The
credit
is
equal
to
50
percent
of
the
sales
price,
not
to
4
exceed
$2,000
per
qualified
gun
safe
purchase.
Any
credit
in
5
excess
of
the
taxpayer’s
liability
is
not
refundable
but
may
6
be
carried
forward
for
five
years
or
until
depleted,
whichever
7
occurs
first.
8
The
bill
takes
effect
upon
enactment
and
applies
to
9
qualified
gun
safes
purchased
on
or
after
that
date,
and
10
applies
retroactively
to
January
1,
2017,
for
tax
years
11
beginning
on
or
after
that
date.
12
-2-
LSB
1348YC
(4)
87
mm/sc
2/
2
