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Bill > HF1034
IA HF1034
IA HF1034A 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.(Formerly HF 132.)
summary
Introduced
04/24/2025
04/24/2025
In Committee
05/12/2025
05/12/2025
Crossed Over
05/12/2025
05/12/2025
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 individual income tax credit in Iowa for the purchase of firearm safety devices, allowing taxpayers to reduce their state tax liability by the cost of a qualifying safety device, up to $500. The bill defines "firearm safety devices" as items designed to prevent a firearm from being operated without first deactivating it, or as a "qualified gun safe" - which must be a new, steel-constructed safe specifically made for firearm storage, purchased from a licensed federal firearms dealer or retailer for personal, non-commercial use. If the tax credit exceeds the taxpayer's current year tax liability, the excess amount can be carried forward to the next tax year, but cannot be refunded as cash. The bill will apply 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, effectively providing a tax incentive for Iowans to invest in firearm safety equipment.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways and Means (House)
Last Action
Explanation of vote. H.J. 1223. (on 05/20/2025)
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=HF1034 |
| Fiscal Note - Firearm Safety Equipment, Tax Credit | https://www.legis.iowa.gov/docs/publications/FN/1526604.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF1034.html |
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