NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8998
SPONSOR: Fahy TITLE OF BILL: An act to amend the tax law, in relation to providing
a tax credit for the purchase of items relating to firearm safety
PURPOSE:
To provide a tax credit to those that purchase gun safety equipment such
as safes and vaults, or safety and trigger locks.
SUMMARY OF PROVISIONS:
Section 1 of the bill amends section 606 of the Tax Law by adding a new
subsection that provides for a 25% tax credit, not to exceed $500 per
year, for the purchase of gun safes and vaults, firearm safety locks,
trigger locks, and other such items designed to ensure the safe handling
and storage of firearms.
Section 2 of the bill sets forth the effective date.
JUSTIFICATION:
Gun safes and vaults provide a mechanism to keep guns out of unwanted
hands, including both children and burglars. Safety locks and trigger
locks render guns unusable by anyone other than the owner. In the United
States, nearly one-third of all violent crime is committed with guns
stolen from the homes of law abiding Americans. This legislation would
provide an incentive for gun owners to invest in gun safety equipment
and help reduce potential for theft and tragic accidents.
FISCAL IMPACT ON THE STATE:
Minimal.
LEGISLATIVE HISTORY:
2016: A05607(Kavanagh) -Ways and Means
2015: A05607(Kavanagh) -Ways and Means
2014: A00771A(Kavanagh)- Ways and Means
2013: A00771(Kavanagh) -Ways and Means
2012: A05832A(Kavanagh)- Ways and Means
2011: A05832(Kavanagh) -Ways and Means
EFFECTIVE DATE: This act shall take effect immediately and shall
apply to taxable years beginning on and after January 1, 2019.
STATE OF NEW YORK
________________________________________________________________________
8998
IN ASSEMBLY
January 10, 2018
___________
Introduced by M. of A. FAHY -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit for
the purchase of items relating to firearm safety
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (ccc) to read as follows:
3 (ccc) A taxpayer shall be allowed a credit as hereinafter provided,
4 against the tax imposed by this article for the purchase, other than for
5 resale, of gun safes or vaults, firearm safety locks, trigger locks or
6 other items designed to ensure the safe handling and storage of
7 firearms. The amount of credit shall be equal to twenty-five percent of
8 the cost to the taxpayer of the purchase of such firearm safety items
9 during the taxable year, such credit not to exceed five hundred dollars
10 per year.
11 § 2. This act shall take effect immediately and shall apply to taxable
12 years beginning on and after January 1, 2019.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01594-01-7
