The SAFES Act would create a refundable federal tax credit for people who buy a new gun safe. The credit would cover 90% of the amount paid, up to a total limit of $500 per taxpayer or $1,000 for a joint return, reduced by credits received in the previous six years. For tax years beginning before 2031, the credit could apply to any gun safe as defined in the bill. Starting in 2031, it would apply only to types identified as highly effective at preventing unauthorized access in a report from the Secretary of Health and Human Services. The bill would not require taxpayers to provide information about firearms they own to claim the credit. The report would be due within five years of enactment. The bill was introduced and referred to the House Committee on Ways and Means.
If enacted, eligible taxpayers who buy a new gun safe could claim the credit for tax years beginning after December 31, 2025. The bill excludes used safes and sets a limit based on credits claimed in the prior six years.
A qualifying purchase would cost the taxpayer money, but the credit would cover 90% of its price up to the applicable limit. No publicly available information gives an estimate of the federal cost of the credit.
No publicly available information.
No publicly available information.