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IN HB1161
Bill
Status
1/9/2017
Primary Sponsor
Jim Lucas
Click for details
AI Summary
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Creates a state income tax credit for qualified firearms instruction tuition and qualified firearms storage device purchases, effective for taxable years beginning after December 31, 2017.
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Defines qualified firearms instruction as safety courses taught by National Rifle Association-certified instructors and qualified storage devices as safes, lockboxes, cabinets, or locking devices designed to secure firearms or prevent operation.
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Allows a maximum credit of $200 for individual filers and $400 for married couples filing jointly, limited to the taxpayer's actual state income tax liability.
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Requires taxpayers to claim the credit through the department and submit proof of firearms safety expenses and related documentation.
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Prohibits carryover, carryback, or refund of any unused portion of the credit.
Legislative Description
Income tax credit for firearms safety expenses. Provides a state income tax credit for expenses incurred to receive qualified firearms instruction or to purchase a qualified firearms storage device. Provides that the credit is equal to the amount of the incurred expenses. Provides that the maximum amount allowed as a credit is $200 for individuals filing single returns or $400 for married couples filing joint returns. Provides that a tax credit may not exceed the taxpayer's state income tax liability. Provides that a taxpayer is not entitled to a carryover, carryback, or refund of any unused tax credit.
Last Action
First reading: referred to Committee on Public Policy
1/9/2017