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Who cares
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Sponsors
1 Co-sponsor
History
- Print number 5221b
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Print number 5221a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5221B
Title of bill
An act to amend the tax law, in relation to providing a tax credit for the cost of purchasing a gun safe
Purpose
To make more affordable the purchase of gun safes.
Summary of provisions
Section one amends Section 606 of the Tax Law by adding a new subsection (m) which names this tax credit the Home Defense Tax Credit. It provides a refundable tax credit in an amount equal to twenty-five percent of the cost of a gun safe up to a maximum credit of two hundred fifty dollars purchased by a resident taxpayer on or after January 15, 2013. "Gun safe" is also defined.
Section two makes such tax credit applicable to taxable years beginning on or after January 1, 2014.
Existing law
Currently, there is no tax credit for the purchase of a gun safe.
Justification
The Second Amendment to the Constitution of the United States enshrines the right of the people to keep and bear arms, which is America's first freedom and vital to the preservation of personal liberty. The use of a gun safe for the proper storage of firearms can help safeguard homeowners and their families, while also ensuring that a firearm is quickly and safely accessible in the event it is required for personal protection or home defense. The provision of a state tax credit to offset the costs of purchasing a gun safe is a responsible public policy solution to promote the responsible storage of firearms, the maintenance of a firearm for the defense of home and family, and also to preserve the Second Amendment Constitutional rights of New Yorkers to keep and bear arms.
Legislative history
This is a new bill.
Fiscal implications
There would be increased revenue generated in New York's economy by additional sales of gun safes. Local economies will benefit as those who purchased gun safes will receive their tax credits and provide local stimulus. This tax credit would reduce revenue to the State by $3.4 million annually.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.