House
Study
Bill
125
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
PUBLIC
SAFETY
BILL
BY
CHAIRPERSON
BAUDLER)
A
BILL
FOR
An
Act
providing
for
an
individual
income
tax
credit
for
1
the
purchase
of
a
gun
safe
under
certain
conditions
2
and
including
effective
date
and
retroactive
and
other
3
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
1473YC
(2)
85
mm/sc
H.F.
_____
Section
1.
NEW
SECTION
.
422.11E
Gun
safe
tax
credit.
1
1.
The
taxes
imposed
under
this
division,
less
the
credits
2
allowed
under
section
422.12,
shall
be
reduced
by
a
gun
safe
3
tax
credit
equal
to
fifty
percent
of
the
purchase
price
of
a
4
qualified
gun
safe,
not
to
exceed
one
thousand
dollars.
For
5
purposes
of
this
section,
“qualified
gun
safe”
means
a
safe
6
specifically
manufactured
to
store
firearms
and
constructed
of
7
steel
or
a
material
of
equal
or
greater
strength,
which
safe
is
8
purchased
new
from
a
firearm
dealer
licensed
under
federal
law,
9
or
a
retailer
as
defined
in
section
423.1,
and
which
safe
is
10
purchased
for
the
personal,
noncommercial
use
of
the
taxpayer.
11
2.
Any
credit
in
excess
of
the
taxpayer’s
tax
liability
12
for
the
tax
year
is
not
refundable
but
may
be
credited
to
the
13
tax
liability
for
the
following
five
years
or
until
depleted,
14
whichever
occurs
first.
A
tax
credit
shall
not
be
carried
back
15
to
a
tax
year
prior
to
the
tax
year
in
which
the
taxpayer
claims
16
the
credit.
17
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
18
immediate
importance,
takes
effect
upon
enactment.
19
Sec.
3.
APPLICABILITY.
This
Act
applies
to
a
qualified
gun
20
safe
purchased
on
or
after
the
effective
date
of
this
Act.
21
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
22
retroactively
to
January
1,
2013,
for
tax
years
beginning
on
23
or
after
that
date.
24
EXPLANATION
25
This
bill
creates
an
individual
income
tax
credit
for
the
26
purchase
of
a
qualified
gun
safe.
“Qualified
gun
safe”
is
27
defined
as
a
safe
specifically
manufactured
to
store
firearms
28
and
constructed
of
steel
or
a
material
of
equal
or
greater
29
strength,
which
safe
is
purchased
new
from
a
firearm
dealer
30
licensed
under
federal
law,
or
a
retailer
as
defined
in
31
Code
section
423.1,
and
which
is
purchased
for
the
personal,
32
noncommercial
use
of
the
taxpayer.
33
The
credit
is
equal
to
50
percent
of
the
purchase
price,
34
not
to
exceed
$1,000.
Any
credit
in
excess
of
the
taxpayer’s
35
-1-
LSB
1473YC
(2)
85
mm/sc
1/
2
H.F.
_____
liability
is
not
refundable
but
may
be
carried
forward
for
five
1
years
or
until
depleted,
whichever
occurs
first.
2
The
bill
takes
effect
upon
enactment
and
applies
to
3
qualified
gun
safes
purchased
on
or
after
that
date,
and
4
applies
retroactively
to
January
1,
2013,
for
tax
years
5
beginning
on
or
after
that
date.
6
-2-
LSB
1473YC
(2)
85
mm/sc
2/
2