ATLANTA — Six Georgia Democrats proposed a way to encourage safe gun storage in the state by providing a tax credit.
According to the text of House Bill 2, state representatives want the Safe Storage Tax Credit Act to incentivize buying gun safes through a $300 tax credit.
The bill text says safe storage expenses would be those paid by an individual taxpayer for the year of the purchase of one or more firearm storage devices for personal use from a federally licensed dealer.
The storage device has to be used for the storage of firearms, which the legislation specifies refers to any handgun, shotgun, rifle or weapon designed to or able to be used to “expel single or multiple projectiles by action of an explosion of a combustible material.”
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As far as what counts as a safe storage device, the bill says any device that was made to securely store or disable a firearm, and which can only be unlocked by a key, or a combination or similar means, counts.
More specifically, the bill says gun safes, trigger locks, chamber locks and cable locks all qualify for the provisions of the safe storage tax credit legislation.
However, Georgia will not be able to supply tax credits in a total above $5 million per year, according to the provisions of the bill.
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If it passes, that means if calculating conservatively on a one person per credit and one device per person budget, more than 16,600 people could hypothetically participate.
The bill says that taxpayers applying for the tax credit will be on a first come, first serve application process, though it does include the ability to reapply.
When tax credit applications are submitted, the Georgia Department of Revenue will have to provide notice of approval within 30 days, and in the order received. If a taxpayer is approved, they’ll have to keep receipts for the safe storage device for three years, and the credit cannot exceed the taxpayer’s income tax liability.
The tax credit for safe storage also won’t be allowed for use as a carryover tax credit. Under the bill’s provisions, it would remain in effect until Dec. 31, 2030 if passed.
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