Bill > HB1128

This bill creates a new income tax credit for Colorado residents who purchase firearm safety devices, such as gun safes, lock boxes, or gun cases designed to be unlocked only by a key or combination. For tax years 2027 and 2028, eligible taxpayers can claim a credit up to $200 for the purchase of these devices from a federally licensed dealer. The bill aims to encourage safe firearm storage by providing financial assistance to gun owners for purchasing security devices. Taxpayers can claim only one credit per tax year and must provide receipts or documentation proving the purchase. The total amount of credits available statewide is limited to $5 million per year and will be distributed on a first-come, first-served basis. If the credit amount exceeds a taxpayer's tax liability, the unused portion can be carried forward and applied to income taxes for up to five subsequent years. The bill includes a legislative declaration emphasizing the importance of responsible firearm ownership and safe storage, and includes a provision for the state to evaluate the effectiveness of the credit based on the number of claims. The tax credit is set to expire on December 31, 2038.

Budget and Finance, Military Affairs and Security

https://leg.colorado.gov/bills/hb25-1128