summary
Introduced
10/30/2019
10/30/2019
In Committee
10/30/2019
10/30/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to allow for a credit against tax for sales at retail of safe firearm storage devices. This bill allows a new business-related tax credit for 10% of the amount of the first retail sale of a safe firearm storage device. The amount upon which the credit is based may not exceed $400. A "safe firearm storage device" is a device that (1) is designed and marketed to deny unauthorized access to, or rendering inoperable, a firearm or ammunition; and (2) is secured by a combination lock, key lock, or lock based on biometric information. This credit terminates after December 31, 2026.
AI Summary
This bill, the Prevent Family Fire Act of 2019, amends the Internal Revenue Code to allow for a tax credit of 10% of the amount of the first retail sale of a "safe firearm storage device" up to $400. A "safe firearm storage device" is defined as a device designed and marketed to deny unauthorized access to or render inoperable a firearm or ammunition, secured by a combination lock, key lock, or biometric lock. The credit is available to businesses that sell these devices and is in effect for taxable years beginning after the date of enactment, terminating on December 31, 2026. The Secretary of the Treasury is also required to publicly report on the credits allowed under this provision, disaggregated by state.
Committee Categories
Budget and Finance
Sponsors (26)
Mike Levin (D)*,
Don Bacon (R),
Joyce Beatty (D),
Don Beyer (D),
Brendan Boyle (D),
Gil Cisneros (D),
Angie Craig (D),
Rodney Davis (R),
Brian Fitzpatrick (R),
Anthony Gonzalez (R),
Vicente Gonzalez (D),
Dave Joyce (R),
Dan Kildee (D),
Susie Lee (D),
David McKinley (R),
Jerry McNerney (D),
Katie Porter (D),
Dutch Ruppersberger (D),
Kim Schrier (D),
Mikie Sherrill (D),
Chris Smith (R),
Pete Stauber (R),
Elise Stefanik (R),
Mike Turner (R),
Debbie Wasserman Schultz (D),
Susan Wild (D),
Last Action
Sponsor introductory remarks on measure. (CR H8707) (on 10/31/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/4926/all-info | 10/31/2019 |
| BillText | https://www.congress.gov/116/bills/hr4926/BILLS-116hr4926ih.pdf | 11/07/2019 |
| Bill | https://www.congress.gov/116/bills/hr4926/BILLS-116hr4926ih.pdf.pdf | 11/07/2019 |
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