Indiana House Bill 1318

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Spectrum: Slight Partisan Bill (Republican 3-1)
Status: Introduced on January 10 2024 - 25% progression
Action: 2024-01-16 - Representatives Pierce K and Criswell C added as coauthors
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]

Tax credit for safe gun storage expenses. Provides that a taxpayer is entitled to a credit against the taxpayer's state income tax liability in a taxable year equal to the lesser of: (1) 20% multiplied by the safe gun storage expenses incurred by the taxpayer during the taxable year; or (2) $500 in the case of an individual filing a single return (or $250 in the case of a married individual filing a separate return). Defines "safe gun storage expenses" as the purchase price of a qualified firearms storage device. Defines "qualified firearms storage device" as: (1) a safe, lockbox, cabinet, or other container designed to store firearms securely by restricting access to the firearms by a locking device; or (2) a locking device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device. Provides that to obtain the credit, the taxpayer must claim the credit in the manner prescribed by the department of state revenue (department). Requires the taxpayer to submit to the department proof of the taxpayer's safe gun storage expenses and all information that the department determines is necessary for the calculation of the credit. Prohibits the taxpayer from claiming any carryover, carryback, or refund of any unused credit.

Tax credit for safe gun storage expenses.

Rep. David Hall [R]

Rep. Mitch Gore [D]

Rep. Kyle Pierce [R]

Rep. Cory Criswell [R]

Date	Chamber	Action
2024-01-16	House	Representatives Pierce K and Criswell C added as coauthors
2024-01-10	House	First reading: referred to Committee on Ways and Means
2024-01-10	House	Authored by Representative Hall
2024-01-10	House	Coauthored by Representative Gore

Type	Source
Summary	https://iga.in.gov/legislative/2024/bills/house/1318/details
Text	https://iga.in.gov/pdf-documents/123/2024/house/bills/HB1318/HB1318.01.INTR.pdf
Supplement	https://iga.in.gov/pdf-documents/123/2024/house/bills/HB1318/fiscal-notes/HB1318.01.INTR.FN001.pdf