Bill > HB2595

This bill modifies the existing firearm safety device tax credit law by expanding the definition of where eligible firearm safety devices can be purchased. Specifically, the bill changes the requirement from purchasing devices from a federally licensed dealer to purchasing from a "commercial retailer", which is defined as a business that sells goods to customers in a retail setting and is properly registered as a dealer. The tax credit remains $300 per taxpayer per year for purchasing firearm safety devices, with an aggregate statewide limit of $5 million annually. The credit can be claimed for taxable years beginning on or after January 1, 2025, and if the credit amount exceeds a taxpayer's tax liability, the excess can be carried forward for up to five subsequent tax years. Firearm safety devices are defined as either mechanisms that prevent a firearm from being operated without deactivation or storage devices like safes, gun cases, or lock boxes that can only be unlocked by key, combination, or similar means. The bill aims to encourage the purchase of safety devices to help prevent unauthorized firearm use and improve firearm storage safety.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB2595