Introduced Version
HOUSE BILL No. 1318
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-3.1-37.
Synopsis: Tax credit for safe gun storage expenses. Provides that a
taxpayer is entitled to a credit against the taxpayer's state income tax
liability in a taxable year equal to the lesser of: (1) 20% multiplied by
the safe gun storage expenses incurred by the taxpayer during the
taxable year; or (2) $500 in the case of an individual filing a single
return (or $250 in the case of a married individual filing a separate
return). Defines "safe gun storage expenses" as the purchase price of
a qualified firearms storage device. Defines "qualified firearms storage
device" as: (1) a safe, lockbox, cabinet, or other container designed to
store firearms securely by restricting access to the firearms by a locking
device; or (2) a locking device that, when installed on a firearm, is
designed to prevent the firearm from being operated without first
deactivating the device. Provides that to obtain the credit, the taxpayer
must claim the credit in the manner prescribed by the department of
state revenue (department). Requires the taxpayer to submit to the
department proof of the taxpayer's safe gun storage expenses and all
information that the department determines is necessary for the
calculation of the credit. Prohibits the taxpayer from claiming any
carryover, carryback, or refund of any unused credit.
Effective: July 1, 2024.
Hall, Gore
January 10, 2024, read first time and referred to Committee on Ways and Means.
2024 IN 1318—LS 6362/DI 134 Introduced
Second Regular Session of the 123rd General Assembly (2024)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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between statutes enacted by the 2023 Regular Session of the General Assembly.
HOUSE BILL No. 1318
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
1 SECTION 1. IC 6-3.1-37 IS ADDED TO THE INDIANA CODE
2 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
3 JULY 1, 2024]:
4 Chapter 37. Income Tax Credit for Safe Gun Storage Expenses
5 Sec. 1. This chapter applies to taxable years beginning after
6 December 31, 2024.
7 Sec. 2. As used in this chapter, "qualified firearms storage
8 device" means the following:
9 (1) A safe, lockbox, cabinet, or other container designed to
10 store firearms securely by restricting access to the firearms
11 by a locking device.
12 (2) A locking device that, when installed on a firearm, is
13 designed to prevent the firearm from being operated without
14 first deactivating the device.
15 Sec. 3. As used in this chapter, "safe gun storage expenses"
16 means the purchase price of qualified firearms storage devices.
17 Sec. 4. As used in this chapter, "state income tax liability"
2024 IN 1318—LS 6362/DI 134 2
1 means a taxpayer's adjusted gross income tax liability under
2 IC 6-3.
3 Sec. 5. As used in this chapter, "taxpayer" means:
4 (1) an individual filing a single return; or
5 (2) a married couple filing a joint return.
6 Sec. 6. (a) Subject to subsection (b), a taxpayer is entitled to a
7 credit against the taxpayer's state income tax liability in a taxable
8 year equal to the lesser of the following:
9 (1) Twenty percent (20%) multiplied by the safe gun storage
10 expenses incurred by the taxpayer during the taxable year.
11 (2) Five hundred dollars ($500) in the case of an individual
12 filing a single return, or two hundred fifty dollars ($250) in
13 the case of a married individual filing a separate return.
14 (b) A credit awarded under this chapter may not exceed the
15 taxpayer's state income tax liability.
16 Sec. 7. To obtain a credit under this chapter, a taxpayer must
17 claim the credit in the manner prescribed by the department. The
18 taxpayer shall submit to the department proof of the taxpayer's
19 safe gun storage expenses and all information that the department
20 determines is necessary for the calculation of the credit provided
21 by this chapter.
22 Sec. 8. A taxpayer is not entitled to any carryover, carryback,
23 or refund of any unused credit.
2024 IN 1318—LS 6362/DI 134