Virginia House Bill HB945

Virginia 2024 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Firearm safety device; expands definition of device.

Impact

The legislation authorizes a nonrefundable tax credit of up to $300 for taxpayers who purchase eligible firearm safety devices. This incentive is intended to encourage the adoption of such devices among firearm owners in Virginia. The credit applies for taxable years beginning from January 1, 2024, to January 1, 2028, and is subject to an aggregate cap of $5 million annually, allocated on a first-come, first-served basis. The intent behind these measures is to enhance public safety while easing the financial burden of obtaining safety devices.

Summary

House Bill 945 proposes amendments to the Code of Virginia concerning firearm safety devices by expanding the definition and introducing a tax credit for their purchase. The term 'firearm safety device' is now broadly defined, covering devices designed to prevent the firearm from operating without prior deactivation as well as storage solutions like gun safes or lock boxes. The bill aims to promote safe firearm ownership by making safety devices more financially accessible to taxpayers through tax credits on eligible transactions.

Contention

Notable points of contention surrounding HB 945 include discussions about its effectiveness in truly enhancing public safety, as some critics may argue that financial incentives alone do not ensure responsible firearm ownership or usage. Additionally, the bill's implementation guidelines will be developed by the Tax Commissioner without the usual administrative oversight, raising concerns over transparency and accountability in how the program is managed. Opponents of the bill might express skepticism about the overall impact on firearm-related incidents in the state.