Indiana 2024 Regular Session

Indiana House Bill HB1318 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	HOUSE BILL No. 1318
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 6-3.1-37.
7	7	Synopsis: Tax credit for safe gun storage expenses. Provides that a
8	8	taxpayer is entitled to a credit against the taxpayer's state income tax
9	9	liability in a taxable year equal to the lesser of: (1) 20% multiplied by
10	10	the safe gun storage expenses incurred by the taxpayer during the
11	11	taxable year; or (2) $500 in the case of an individual filing a single
12	12	return (or $250 in the case of a married individual filing a separate
13	13	return). Defines "safe gun storage expenses" as the purchase price of
14	14	a qualified firearms storage device. Defines "qualified firearms storage
15	15	device" as: (1) a safe, lockbox, cabinet, or other container designed to
16	16	store firearms securely by restricting access to the firearms by a locking
17	17	device; or (2) a locking device that, when installed on a firearm, is
18	18	designed to prevent the firearm from being operated without first
19	19	deactivating the device. Provides that to obtain the credit, the taxpayer
20	20	must claim the credit in the manner prescribed by the department of
21	21	state revenue (department). Requires the taxpayer to submit to the
22	22	department proof of the taxpayer's safe gun storage expenses and all
23	23	information that the department determines is necessary for the
24	24	calculation of the credit. Prohibits the taxpayer from claiming any
25	25	carryover, carryback, or refund of any unused credit.
26	26	Effective: July 1, 2024.
27	27	Hall, Gore
28	28	January 10, 2024, read first time and referred to Committee on Ways and Means.
29	29	2024 IN 1318—LS 6362/DI 134 Introduced
30	30	Second Regular Session of the 123rd General Assembly (2024)
31	31	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
32	32	Constitution) is being amended, the text of the existing provision will appear in this style type,
33	33	additions will appear in this style type, and deletions will appear in this style type.
34	34	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
35	35	provision adopted), the text of the new provision will appear in this style type. Also, the
36	36	word NEW will appear in that style type in the introductory clause of each SECTION that adds
37	37	a new provision to the Indiana Code or the Indiana Constitution.
38	38	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
39	39	between statutes enacted by the 2023 Regular Session of the General Assembly.
40	40	HOUSE BILL No. 1318
41	41	A BILL FOR AN ACT to amend the Indiana Code concerning
42	42	taxation.
43	43	Be it enacted by the General Assembly of the State of Indiana:
44	44	1 SECTION 1. IC 6-3.1-37 IS ADDED TO THE INDIANA CODE
45	45	2 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
46	46	3 JULY 1, 2024]:
47	47	4 Chapter 37. Income Tax Credit for Safe Gun Storage Expenses
48	48	5 Sec. 1. This chapter applies to taxable years beginning after
49	49	6 December 31, 2024.
50	50	7 Sec. 2. As used in this chapter, "qualified firearms storage
51	51	8 device" means the following:
52	52	9 (1) A safe, lockbox, cabinet, or other container designed to
53	53	10 store firearms securely by restricting access to the firearms
54	54	11 by a locking device.
55	55	12 (2) A locking device that, when installed on a firearm, is
56	56	13 designed to prevent the firearm from being operated without
57	57	14 first deactivating the device.
58	58	15 Sec. 3. As used in this chapter, "safe gun storage expenses"
59	59	16 means the purchase price of qualified firearms storage devices.
60	60	17 Sec. 4. As used in this chapter, "state income tax liability"
61	61	2024 IN 1318—LS 6362/DI 134 2
62	62	1 means a taxpayer's adjusted gross income tax liability under
63	63	2 IC 6-3.
64	64	3 Sec. 5. As used in this chapter, "taxpayer" means:
65	65	4 (1) an individual filing a single return; or
66	66	5 (2) a married couple filing a joint return.
67	67	6 Sec. 6. (a) Subject to subsection (b), a taxpayer is entitled to a
68	68	7 credit against the taxpayer's state income tax liability in a taxable
69	69	8 year equal to the lesser of the following:
70	70	9 (1) Twenty percent (20%) multiplied by the safe gun storage
71	71	10 expenses incurred by the taxpayer during the taxable year.
72	72	11 (2) Five hundred dollars ($500) in the case of an individual
73	73	12 filing a single return, or two hundred fifty dollars ($250) in
74	74	13 the case of a married individual filing a separate return.
75	75	14 (b) A credit awarded under this chapter may not exceed the
76	76	15 taxpayer's state income tax liability.
77	77	16 Sec. 7. To obtain a credit under this chapter, a taxpayer must
78	78	17 claim the credit in the manner prescribed by the department. The
79	79	18 taxpayer shall submit to the department proof of the taxpayer's
80	80	19 safe gun storage expenses and all information that the department
81	81	20 determines is necessary for the calculation of the credit provided
82	82	21 by this chapter.
83	83	22 Sec. 8. A taxpayer is not entitled to any carryover, carryback,
84	84	23 or refund of any unused credit.
85	85	2024 IN 1318—LS 6362/DI 134