Read the full stored bill text
House
File
132
-
Introduced
HOUSE
FILE
132
BY
A.
MEYER
A
BILL
FOR
An
Act
providing
for
an
individual
income
tax
credit
for
the
1
purchase
of
firearm
safety
devices
and
including
retroactive
2
and
other
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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132
Section
1.
NEW
SECTION
.
422.10C
Firearm
safety
device
tax
1
credit.
2
1.
The
taxes
imposed
under
this
subchapter,
less
the
credits
3
allowed
under
section
422.12,
shall
be
reduced
by
a
firearm
4
safety
device
tax
credit
equal
to
the
sales
price
of
a
firearm
5
safety
device
purchased
during
the
tax
year
by
the
taxpayer,
6
not
to
exceed
five
hundred
dollars.
7
2.
For
purposes
of
this
section:
8
a.
“Firearm
safety
device”
means
a
device
designed
9
to
prevent
a
firearm
from
being
operated
without
first
10
deactivating
the
device
or
a
qualified
gun
safe.
11
b.
“Qualified
gun
safe”
means
a
safe
specifically
12
manufactured
to
store
firearms
and
constructed
of
steel
or
a
13
material
of
equal
or
greater
strength,
which
safe
is
purchased
14
new
by
the
taxpayer
from
a
firearms
dealer
licensed
under
15
federal
law,
or
a
retailer
as
defined
in
section
423.1,
and
16
which
safe
is
purchased
for
the
personal,
noncommercial
use
of
17
the
taxpayer.
18
c.
“Sales
price”
means
the
same
as
defined
in
section
423.1.
19
3.
Any
credit
in
excess
of
the
taxpayer’s
tax
liability
for
20
the
tax
year
is
not
refundable
but
may
be
credited
to
the
tax
21
liability
for
the
following
year.
22
Sec.
2.
APPLICABILITY.
This
Act
applies
to
firearm
safety
23
devices
purchased
on
or
after
the
effective
date
of
this
Act.
24
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
25
retroactively
to
January
1,
2025,
for
tax
years
beginning
on
26
or
after
that
date.
27
EXPLANATION
28
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
29
the
explanation’s
substance
by
the
members
of
the
general
assembly.
30
This
bill
creates
an
individual
income
tax
credit
for
the
31
purchase
of
firearm
safety
devices.
“Firearm
safety
device”
32
is
defined
to
mean
a
device
designed
to
prevent
a
firearm
33
from
being
operated
without
first
deactivating
the
device
34
or
a
qualified
gun
safe.
“Qualified
gun
safe”
is
defined
35
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132
to
mean
a
safe
specifically
manufactured
to
store
firearms
1
and
constructed
of
steel
or
a
material
of
equal
or
greater
2
strength,
which
safe
is
purchased
new
by
a
taxpayer
from
a
3
firearms
dealer
licensed
under
federal
law,
or
a
retailer
as
4
defined
in
Code
section
423.1,
and
which
is
purchased
for
the
5
personal,
noncommercial
use
of
the
taxpayer.
6
The
credit
is
equal
to
the
sales
price
of
the
firearm
safety
7
device,
not
to
exceed
$500.
Any
credit
in
excess
of
the
8
taxpayer’s
liability
is
not
refundable
but
may
be
credited
to
9
the
tax
liability
for
the
following
year.
10
The
bill
applies
to
firearm
safety
devices
purchased
on
or
11
after
the
effective
date
of
the
bill,
and
applies
retroactively
12
to
January
1,
2025,
for
tax
years
beginning
on
or
after
that
13
date.
14
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