Establishes a $500 personal income tax credit for the purchase of a gun safe.
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.
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:
Shall take effect immediately, and shall apply to the taxable year in which it takes effect and all subsequent taxable years.
STATE OF NEW YORK ________________________________________________________________________ 7174 IN SENATE May 1, 2014 ___________Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to establishing a personal income tax credit for the purchase of a gun safe 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 (ccc) to read as follows: (CCC) GUN SAFE CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A 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. (2) CREDIT LIMITATION. THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED BY A 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. (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 CREDIT- ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE; PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. S 2. This act shall take effect immediately, and shall apply to the taxable year in which it takes effect and all subsequent taxable years.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14977-01-4