Provides a 25% tax credit against personal income taxes for the purchase of gun safety equipment up to $500.
TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for the purchase of items relating to firearm safety
PURPOSE: To provide a tax credit to those that purchase gun safety equipment such as safes and vaults, or safety and trigger locks.
SUMMARY OF PROVISIONS: Section 1, amends tax law by adding a new section (vv) providing a twenty-five percent tax credit, "not to exceed five hundred dollars per year, for the purchase of gun safes and vaults, firearm safety locks, trigger locks, and other such items designed to ensure the safe handling and storage of firearms.
Sections 2 is the effective date.
JUSTIFICATION: Gun safes and vaults provide a mechanism to keep guns out of unwanted hands, both children and buglers. In addition, safety and trigger locks render them unusable to anyone other than the owner. This legislation provides an incentive for those that own guns to keep them out of the reach of unwanted hands, and to Prevent accidental firing or use by anyone who could have stolen such a weapon. This legislation is a practical way to encourage gun owners to invest in gun safes and locks. Storing firearms safely helps prevent them from falling into the wrong hands and protects against gun accidents resulting from misuse. Nearly one-third of all violent crime in the United States is committed with guns stolen from the homes of law abiding Americans. This legislation should unite people from all ideologies concerned with protecting the welfare of children and securing homes.
LEGISLATIVE HISTORY: S.231A/A5832A of 2011-2012; Reported and Committed to Finance S.2153/ A.7054 of 2009/2010; Referred to Senate Investigations and Government Operations Committee S.955 of 2007/2008; Referred to Senate Investigations and Government Operations Committee S.6770 of 2005-2006; Referred to Senate Investigations and Government Operations Committee
FISCAL IMPLICATIONS: Minimal.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 1065 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________Introduced by Sens. MAZIARZ, DeFRANCISCO, LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to providing a tax credit for the purchase of items relating to firearm safety THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (vv) to read as follows: (VV) A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE, OTHER THAN FOR RESALE, OF GUN SAFES OR VAULTS, FIREARM SAFETY LOCKS, TRIGGER LOCKS OR OTHER ITEMS DESIGNED TO ENSURE THE SAFE HANDLING AND STORAGE OF FIREARMS. THE AMOUNT OF CREDIT SHALL BE EQUAL TO TWENTY-FIVE PERCENT OF THE COST TO THE TAXPAYER OF THE PURCHASE OF SUCH FIREARM SAFETY ITEMS DURING THE TAXABLE YEAR, SUCH CREDIT NOT TO EXCEED FIVE HUNDRED DOLLARS PER YEAR. S 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2014.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02083-01-3