Provides a tax credit for the cost of purchasing a gun safe.
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.
STATE OF NEW YORK ________________________________________________________________________ 5221--B 2013-2014 Regular Sessions IN SENATE May 14, 2013 ___________Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to providing a tax credit for the cost of purchasing a gun safe THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as relettered by section 5 of part H of chapter 1 of the laws of 2003, are relettered subsections (yyy) and (zzz) and a new subsection (bbb) is added to read as follows: (BBB) HOME DEFENSE TAX CREDIT. A RESIDENT TAXPAYER WHO PURCHASES A GUN SAFE ON OR AFTER JANUARY FIFTEENTH, TWO THOUSAND THIRTEEN SHALL BE ALLOWED A CREDIT AGAINST THE TAX OTHERWISE IMPOSED UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO ONE-HALF OF THE COST OF SUCH GUN SAFE UP TO A MAXIMUM OF FIVE HUNDRED DOLLARS. AS USED IN THIS SUBSECTION, "GUN SAFE" MEANS A CABINET OF METAL OR OTHER SUFFICIENTLY DURABLE MATERIAL EQUIPPED WITH A KEY OR COMBINATION LOCK DESIGNED TO SECURELY STORE RIFLES, SHOTGUNS OR HANDGUNS. S 2. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2014.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10766-05-4