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Bill > HF132
IA HF132
IA HF132A bill for an act providing for an individual income tax credit for the purchase of firearm safety devices and including retroactive and other applicability provisions.(See HF 1034.)
summary
Introduced
01/27/2025
01/27/2025
In Committee
01/27/2025
01/27/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill creates an individual income tax credit for the purchase of firearm safety devices. “Firearm safety device” is defined to mean a device designed to prevent a firearm from being operated without first deactivating the device or a qualified gun safe. “Qualified gun safe” is defined to mean a safe specifically manufactured to store firearms and constructed of steel or a material of equal or greater strength, which safe is purchased new by a taxpayer from a firearms dealer licensed under federal law, or a retailer as defined in Code section 423.1, and which is purchased for the personal, noncommercial use of the taxpayer. The credit is equal to the sales price of the firearm safety device, not to exceed $500. Any credit in excess of the taxpayer’s liability is not refundable but may be credited to the tax liability for the following year. The bill applies to firearm safety devices purchased on or after the effective date of the bill, and applies retroactively to January 1, 2025, for tax years beginning on or after that date.
AI Summary
This bill creates a new tax credit for Iowa taxpayers who purchase firearm safety devices, such as gun locks or qualified gun safes, to encourage responsible firearm storage. The tax credit will allow individuals to reduce their state income tax liability by the sales price of the safety device, up to a maximum of $500 per tax year. A "firearm safety device" is defined as either a mechanism that prevents a firearm from being operated without first deactivating it or a qualified gun safe, which must be newly purchased from a licensed firearms dealer or retailer and constructed of steel or an equally strong material for personal, non-commercial use. If the tax credit exceeds the taxpayer's current tax liability, the excess amount can be carried forward to offset taxes in the following year, but the credit is not refundable. The bill applies to firearm safety devices purchased on or after the bill's effective date and will be retroactively applied to tax years beginning on or after January 1, 2025, potentially providing a financial incentive for Iowans to invest in gun safety equipment.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Withdrawn. H.J. 1219. (on 05/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF132 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF132.html |
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