Bill > S07248

This bill establishes a personal income tax credit for New York state taxpayers who purchase a gun safe, providing a financial incentive for responsible firearm storage. Specifically, the bill allows taxpayers to claim a tax credit of up to $500 for the purchase of a gun safe, with the credit limited to once every ten taxable years. If the credit amount exceeds the taxpayer's tax liability for the year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on the refund. The legislation aims to encourage gun owners to store their firearms safely by offering a direct financial benefit, potentially reducing the risk of accidental shootings, theft, or unauthorized access to firearms. The tax credit will take effect immediately and apply to the current and all subsequent taxable years, providing an ongoing incentive for gun owners to invest in gun safes.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7248