Establishes a $500 personal income tax credit for the purchase of a gun safe

2 Co-sponsors

• John J. Bonacic
• Thomas F. O'Mara

BILL NUMBER:S3471

Title of bill

An act to amend the tax law, in relation to establishing a personal income tax credit for the purchase of a gun safe

Purpose or general idea of bill

To allowance credit against the tax imposed by this article for the amount incurred by the taxpayer during taxable year for purchase of gun safe.

Summary of specific provisions

Section 1. Section 606 of the tax law is amended by adding a new subsection to read as follows. Allowance of credit. A taxpayer shall be allowed credit against the tax imposed by this article for the amount incurred by the taxpayer during the taxable year for the purchase of a gun safe.

Section 2. The amount of the credit that may be claimed a by taxpayer pursuant to this subsection shall not exceed five hundred dollars in any taxable year, and such credit may be claimed not more frequently than once every ten taxable years.

Section 3. Application of credit. If the amount of the credit under this subsection for a taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provision of section six hundred eighty-six of this article; provided, however, that no interest shall be paid thereon.

Justification

This bill will provided a five hundred dollars tax credit for practicing firearm safety. This tax credit will promote safe storage of guns. Gun safety in New York is a priority of the State to allow law abiding residents to safely store their firearms and to continue to practice their second amendment right.

Prior legislative history

2014: S7174 referred to Investigations & Government Operations

Fiscal implications

Undetermined

Effective date

Shall take effect immediately, and shall apply to the taxable year in which it takes effect and all subsequent taxable years.