Virginia House Bill HB302

Virginia 2024 Regular Session

• Introduced: 1/5/24
• Refer: 1/5/24

Caption

Firearm safety device tax credit; definitions.

Impact

If enacted, HB302 will significantly affect state tax law by providing financial incentives to consumers who invest in firearm safety devices. It seeks to promote safer handling and storage of firearms, which could potentially lead to a reduction in gun-related accidents and incidents in Virginia. The implementation of this tax credit is set to begin for taxable years starting from January 1, 2023, and will be applicable until January 1, 2028, thus creating a specific timeframe within which taxpayers can benefit from this financial allowance.

Summary

House Bill 302 proposes a nonrefundable tax credit for Virginia taxpayers who purchase firearm safety devices. The bill amends the Code of Virginia to define terms related to firearms and safety devices while introducing a credit of up to $300 for eligible purchases made from licensed commercial retailers. The credit aims to encourage responsible gun ownership and enhance safety measures by incentivizing the acquisition of devices designed to securely store firearms.

Contention

One notable point of contention surrounding HB302 is its potential impact on gun ownership practices in the state. While proponents argue that the bill fosters a culture of safety and responsibility among firearm owners, critics may question the effectiveness of tax credits in genuinely reducing firearm-related accidents. Additionally, concerns about the fiscal implications of a cap of $5 million in credits allocated per taxable year may arise, as it could limit the reach and effectiveness of the program among those interested in purchasing safety devices.