Georgia 2023-2024 Regular Session

Georgia House Bill HB855

Introduced
11/29/23  

Caption

Safe Storage Tax Credit Act; enact

Impact

If enacted, HB 855 will allow taxpayers to claim a tax credit worth either their eligible safe storage expenses or a maximum of $300, whichever amount is less. However, for the total amount of tax credits available within any given year, a cap of $5 million will be imposed. Credits will be allocated on a first-come, first-served basis, and individuals cannot carry over unused credits to succeeding tax years. This provision aims to promote safety in firearm storage while limiting the financial impact on the state.

Summary

House Bill 855, titled the 'Safe Storage Tax Credit Act', seeks to amend Georgia's income tax laws to introduce a tax credit for eligible expenses related to firearm safe storage devices. The bill defines eligible expenses as those incurred by individuals for purchasing safety devices designated to securely store firearms from federally licensed dealers. This initiative aims to encourage responsible gun ownership and ensure that firearms are kept securely to prevent unauthorized access and potential misuse.

Contention

The introduction of HB 855 may spark discussions regarding the state’s role in promoting firearm safety through fiscal incentives. Proponents argue that the bill serves to enhance public safety by encouraging individuals to invest in secure storage solutions for firearms. Conversely, critics may raise concerns about the costs associated with the program, including how effectively the tax credit could achieve the desired impact on safety, and whether such incentives are justified by state revenue considerations.

Companion Bills

No companion bills found.

Previously Filed As

GA HB2

Safe Storage Tax Credit Act; enact

GA HB79

Firearm Safe Handling and Secure Storage Tax Credit Act; enact

GA HB971

Firearm Safe Handling and Secure Storage Tax Credit Act; enact

GA HB1597

Tax credit for safe gun storage expenses.

GA HB1318

Tax credit for safe gun storage expenses.

GA HB81

Gun Storage Tax Credit

GA HB202

Gun Storage Income Tax Credit

GA HB266

Gun Storage Income Tax Credit

GA HB213

Clean Energy Investment Tax Credit Act; enact

GA HB1128

Income Tax Credit for Firearm Safety Device

Similar Bills

No similar bills found.