Bill > HB202

This bill creates a new income tax credit for individuals who purchase secure gun storage devices, designed to encourage safer firearm storage practices. Specifically, for taxable years before January 1, 2028, taxpayers can receive a one-time tax credit up to $750 for purchasing a certified secure gun storage device, such as a safe, gun case, or lock box. The credit is available only to individuals who are not dependents and who purchase the device after July 1, 2025. The Department of Public Safety will manage applications and certify eligible purchases, with a total annual limit of $1 million in credits. Applicants must provide proof of purchase and demonstrate that the storage device meets safety standards. If the credit amount exceeds the taxpayer's tax liability, the excess will be refunded. Married couples filing separately can each claim half the credit, and business owners can allocate the credit proportionally based on their ownership interest. The bill defines "firearm" broadly as a weapon capable of expelling a projectile using an explosive action and "secure gun storage" as a device designed to store firearms and be unlocked only by key, combination, or similar means. The tax credit provisions will apply to taxable years beginning on or after January 1, 2025.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=202&year=25