Oklahoma 2025 Regular Session

Oklahoma House Bill HB2241 Compare Versions

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

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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 60th Legislature (2025)
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32	32	HOUSE BILL 2241 By: Munson
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38	38	AS INTRODUCED
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40	40	An Act relating to revenue and taxation; defining
41	41	terms; creating income tax credit for firearm safety
42	42	devices; prohibiting credit from r educing tax
43	43	liability to less than zero; providing five -year
44	44	carryover; and providing an effective date.
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50	50	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
51	51	SECTION 1. NEW LAW A new section of law to be codified
52	52	in the Oklahoma Statutes as Section 2357.407 of Title 68, unless
53	53	there is created a duplication in numbering, reads as follows:
54	54	A. As used in this section:
55	55	1. "Eligible transaction " means a transaction in which a
56	56	taxpayer purchases one or more qualified or qua lifying expenses. An
57	57	eligible transaction shall not include the purchase of a firearm;
58	58	2. "Qualified expense" means firearm safety devices. Firearm
59	59	safety devices include a safe, gun safe, gun case, lock box, or any
60	60	other device designed to store a fire arm and that is designed to be
61	61	unlocked only by means of a key, a combination, or other similar
62	62	means; and
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89	89	3. "Taxpayer" means a natural person.
90	90	B. For taxable years beginning on or after January 1, 2026,
91	91	there shall be allowed as a credit against the ta x imposed pursuant
92	92	to Section 2355 of Title 68 of the Oklahoma Statutes in the amount
93	93	of fifty percent (50%) of the qualified expense, provided such
94	94	credit shall not exceed One Thousand Dollars ($1,000.00).
95	95	C. The credit authorized by this section shall n ot be used to
96	96	reduce the income tax liability of the taxpayer to less than zer o
97	97	(0).
98	98	D. To the extent not used, the credit authorized by this
99	99	section shall be allowed to carry over, in order, to each of the
100	100	five (5) following taxable years.
101	101	SECTION 2. This act shall become effective January 1, 2026.
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103	103	60-1-11083 AO 12/18/24