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7 LONG TITLE
8 General Description:
9 This bill establishes an income tax credit for the purchase of a firearm safety device.
10 Highlighted Provisions:
11 This bill:
12 ▸ defines terms;
13 ▸ enacts a nonrefundable individual income tax credit for the purchase of a firearm
14 safety device;
15 ▸ prohibits taxpayers from claiming the tax credit more than once and limits the tax
16 credit to one per household; and
17 ▸ provides for a sunset review of the tax credit.
18 Money Appropriated in this Bill:
19 None
20 Other Special Clauses:
21 This bill provides retrospective operation.
22 Utah Code Sections Affected:
23 AMENDS:
24 63I-1-259, as last amended by Laws of Utah 2023, Chapter 52
25 ENACTS:
26 59-10-1048, Utah Code Annotated 1953
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28 Be it enacted by the Legislature of the state of Utah:
29 Section 1. Section 59-10-1048 is enacted to read:
30 59-10-1048. Nonrefundable tax credit for purchase of firearm safety device.
31 (1) As used in this section:
32 (a) "Eligible claimant" means an individual who purchases a firearm safety device on
33 or after January 1, 2024, and before January 1, 2027.
34 (b) "Firearm" means the same as that term is defined in Section 76-10-501.
35 (c) (i) "Firearm safety device" means equipment designed to prevent the unauthorized
36 access to, or operation or discharge of, a firearm.
37 (ii) "Firearm safety device" includes:
38 (A) a device that, when installed on a firearm, is designed to prevent the firearm from
39 being operated without first deactivating the device; or
40 (B) a firearm safe, gun case, lock box, or other device designed for the purpose of
41 storing a firearm and equipped with a locking device that, when locked, prevents unauthorized
42 access to the firearm.
43 (2) An eligible claimant may claim a nonrefundable tax credit under this section in an
44 amount equal to the lesser of:
45 (a) the purchase price of the firearm safety device; or
46 (b) $50.
47 (3) An eligible claimant shall claim the tax credit described in Subsection (2) for the
48 taxable year in which the firearm safety device is purchased.
49 (4) An eligible claimant may not:
50 (a) claim more than one tax credit under this section;
51 (b) carry forward or carry back the amount of the tax credit that exceeds the eligible
52 claimant's tax liability; or
53 (c) claim a tax credit under this section if the eligible claimant is married and the
54 eligible claimant's spouse claimed a tax credit under this section on a return filed under this
55 chapter.
56 Section 2. Section 63I-1-259 is amended to read:
57 63I-1-259. Repeal dates: Title 59.
58 (1) Section 59-1-213.1 is repealed May 9, 2024.
59 (2) Section 59-1-213.2 is repealed May 9, 2024.
60 (3) Subsection 59-1-403(4)(aa), which authorizes the State Tax Commission to inform
61 the Department of Workforce Services whether an individual claimed a federal earned income
62 tax credit, is repealed July 1, 2029.
63 (4) Subsection 59-1-405(1)(g) is repealed May 9, 2024.
64 (5) Subsection 59-1-405(2)(b) is repealed May 9, 2024.
65 (6) Section 59-7-618.1 is repealed July 1, 2029.
66 (7) Section 59-9-102.5 is repealed December 31, 2030.
67 (8) Section 59-10-1033.1 is repealed July 1, 2029.
68 (9) Section 59-10-1048 is repealed July 1, 2027.
69 Section 3. Effective date.
70 This bill takes effect on May 1, 2024.
71 Section 4. Retrospective operation.
72 Section 59-10-1048 has retrospective operation for a taxable year beginning on or after
73 January 1, 2024.