MO
Missouri House Bill HB2040

Missouri 2022 Regular Session

Missouri House Bill HB2040

Introduced
1/5/22  

Caption

Authorizes a tax credit to offset amounts paid in sales tax on gun safety mechanisms

Impact

If enacted, HB 2040 would have a significant impact on state tax laws relating to sales tax. The introduction of a tax credit for gun safety mechanisms would effectively lower the cost of acquiring safety equipment, making it more accessible for residents. This could lead to increased utilization of safety devices, such as gun safes, locks, and storage solutions, thereby potentially reducing accidental firearm incidents and promoting a culture of safety among gun owners in the state.

Summary

House Bill 2040 aims to authorize a tax credit to offset the amounts paid in sales tax on gun safety mechanisms. This initiative reflects a growing recognition of the importance of promoting gun safety while simultaneously supporting responsible firearm ownership. By providing financial incentives for the purchase of gun safety devices, the bill seeks to enhance public safety and encourage residents to prioritize the secure storage and handling of firearms.

Contention

While the intent behind HB 2040 is to bolster gun safety, there are notable points of contention surrounding the bill. Advocates argue that the tax credit will incentivize precautionary measures and foster a proactive approach to gun ownership. However, opponents may express concerns regarding the implications of state funding used for tax credits, questioning whether this approach effectively addresses the broader issues of gun violence and safety. The discussions may also revolve around the effectiveness of tax credits as a means to promote safety, suggesting alternative methods for achieving similar goals.

Companion Bills

No companion bills found.

Previously Filed As

MO HB620

Authorizes a tax credit to offset amounts paid on gun safety items

MO HB1891

Authorizes a tax credit to offset amounts paid on gun safety items

MO HB936

Authorizes a tax credit to offset amounts paid on gun safety items

MO HB579

Authorizes an income tax credit for veterans for certain amounts paid in property taxes

MO HB1097

Authorizes an income tax deduction for amounts paid towards tangible personal property taxes

MO HB1812

Authorizes an income tax deduction for amounts paid towards tangible personal property taxes

MO HB859

Authorizes an income tax deduction for amounts paid towards tangible personal property taxes

MO SB86

Relating to income taxes; to provide a one-time refundable income tax credit to qualified taxpayers to partially offset the amount of sales taxes paid on groceries throughout the tax year; to create the Refundable Tax Credit Fund in the State Treasury; to provide that refundable credits would not be taxable for Alabama income tax purposes; and to provide an effective date.

MO HB175

Relating to income taxes; to provide a one-time refundable income tax credit to qualified taxpayers to partially offset the amount of sales taxes paid on groceries throughout the tax year; to create the Refundable Tax Credit Fund in the State Treasury; to provide that refundable credits would not be taxable for Alabama income tax purposes; and to provide an effective date.

MO HB1062

Authorizes taxpayers to reject income tax cuts and establishes a fund for the difference in the excess amounts to be paid out to eligible state employees

Similar Bills

No similar bills found.