Oklahoma Senate Bill SB1503

Oklahoma 2024 Regular Session

• Introduced: 2/5/24
• Refer: 2/6/24

Caption

Income tax; providing income tax credit for purchase of firearm safety device; specifying amount; prohibiting refundability; authorizing carry forward; limiting claims. Effective date.

Impact

If passed, SB1503 would amend existing tax laws by creating a specific tax credit associated with firearm safety device purchases. The legislation is likely aimed at promoting the responsible ownership of firearms and enhancing safety measures within households. Additionally, it would introduce limitations such as prohibiting taxpayers from reducing their tax liability below zero and restricting claims to only one device per taxpayer in any given year. Unused credit may be carried forward for two subsequent tax years, allowing for some flexibility for taxpayers.

Summary

Senate Bill 1503 proposes a new tax credit in Oklahoma aimed at encouraging residents to purchase firearm safety devices. It defines eligible transactions and outlines the terms of the credit that can be claimed against the state's income tax starting from the tax year 2025 and onwards. Taxpayers will be able to claim a credit of up to $500 for the purchase of a firearm safety device, provided the price of the device exceeds $1,000, or the actual purchase price if it is less than that amount. The bill specifically excludes the sales tax in the price determination for the credit, further clarifying the definition of eligible safety devices.

Contention

The introduction of this bill could spark discussions around gun control and safety in Oklahoma, and it might face contention from various stakeholders. Supporters may argue that providing tax incentives for firearm safety devices is a proactive step towards reducing gun-related accidents and promoting responsible ownership. Conversely, opponents could raise concerns about the implications for firearm regulation and potential misuse of the tax credit. The balancing of promoting gun safety while ensuring responsible regulation will likely be a point of contention as the bill goes through the legislative process.