Firearms Safety Act

II 117TH CONGRESS 1ST SESSION S. 788 To amend the Internal Revenue Code of 1986 to establish a nonrefundable tax credit for the purchase of gun safes and gun safety courses. IN THE SENATE OF THE UNITED STATES MARCH 17 (legislative day, MARCH 16), 2021 Mr. MARSHALL (for himself, Mrs. HYDE-SMITH, and Mr. HAWLEY) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to establish a nonrefundable tax credit for the purchase of gun safes and gun safety courses. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Firearms Safety Act’’. 4 SEC. 2. NONREFUNDABLE TAX CREDIT FOR GUN SAFES 5 AND GUN SAFETY COURSES. 6 (a) IN GENERAL.—Subpart A of part IV of sub- 7 chapter A of chapter 1 of the Internal Revenue Code of 8 VerDate Sep 11 2014 04:33 Apr 03, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S788.IS S788 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 788 IS 1986 is amended by inserting after section 25D the fol- 1 lowing new section: 2 ‘‘SEC. 25E. FIREARM SAFETY CREDIT. 3 ‘‘(a) ALLOWANCE OF CREDIT.—In the case of an in- 4 dividual, there shall be allowed as a credit against the tax 5 imposed by this chapter for the taxable year an amount 6 equal to the sum of— 7 ‘‘(1) the amount paid by the taxpayer for any 8 gun safe that is placed into service by the taxpayer 9 during the taxable year, and 10 ‘‘(2) the amount paid by the taxpayer during 11 the taxable year for a concealed carry firearms 12 course or a firearm safety course which— 13 ‘‘(A) is taught by a firearms instructor 14 certified by the State to teach such course, or 15 ‘‘(B) satisfies the training requirement, if 16 any, for any license or permit related to a fire- 17 arm (including a hunting license) which is 18 issued under the authority of State law. 19 ‘‘(b) LIMITATIONS.— 20 ‘‘(1) IN GENERAL.—The amount of the credit 21 allowable to a taxpayer under subsection (a) for any 22 taxable year shall not exceed— 23 VerDate Sep 11 2014 04:33 Apr 03, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S788.IS S788 pbinns on DSKJLVW7X2PROD with BILLS 3 •S 788 IS ‘‘(A) for purposes of the credit allowable 1 under paragraph (1) of such subsection, $100, 2 and 3 ‘‘(B) for purposes of the credit allowable 4 under paragraph (2) of such subsection, $100. 5 ‘‘(2) GUN SAFES.—No credit under subsection 6 (a)(1) shall be allowed to any taxpayer if a credit 7 has been allowed under such subsection to the tax- 8 payer for any of the 10 preceding taxable years. 9 ‘‘(c) PROHIBITION ON COLLECTION OF INFORMATION 10 REGARDING FIREARMS.—No taxpayer shall be required, 11 as a condition of the credit allowed under this section, to 12 provide any information with respect to any firearms 13 owned by the taxpayer.’’. 14 (b) CONFORMING AMENDMENT.—The table of sec- 15 tions for subpart A of part IV of subchapter A of chapter 16 1 of the Internal Revenue Code of 1986 is amended by 17 inserting after the item relating to section 25D the fol- 18 lowing new item: 19 ‘‘Sec. 25E. Firearm safety credit.’’. (c) EFFECTIVE DATE.—The amendments made by 20 this section shall apply to taxable years beginning after 21 the date of enactment of this Act. 22 Æ VerDate Sep 11 2014 04:33 Apr 03, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S788.IS S788 pbinns on DSKJLVW7X2PROD with BILLS