Bill > HB250

This bill establishes a state income tax credit for individuals who purchase firearm safety devices in Maryland. Under the bill, a "firearm safety device" is defined as either a device that prevents a firearm from being operated without first deactivating it, or a safe, gun case, lock box, or similar storage device that can only be unlocked with a key, combination, or similar mechanism. Individuals can claim a tax credit equal to 100% of the purchase price, up to a maximum of $200, for purchasing such a device during a taxable year. The credit can only be claimed once per individual per year and cannot exceed the amount specified on a tax credit certificate issued by the Comptroller. If the credit amount exceeds an individual's state income tax for that year, the excess can be carried over to the next taxable year. To claim the credit, individuals must apply to the Comptroller and receive a tax credit certificate, which will be issued on a first-come, first-served basis. The Comptroller is limited to issuing an aggregate of $250,000 in tax credit certificates per taxable year, with any unissued credits potentially being carried forward to subsequent years. The bill will take effect on July 1, 2025, and apply to taxable years beginning after December 31, 2024.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0250?ys=2025RS