Press release: Hall proposes tax credit for Hoosiers who buy gun safes, locks

The following was sent to the Bloomingtonian:

FOR IMMEDIATE RELEASE                                                                                                            Jan. 22, 2024

Hall proposes tax credit for Hoosiers who buy gun safes, locks

STATEHOUSE (Jan. 22, 2024) — State Rep. Dave Hall (R-Norman) said he wants to encourage more Hoosiers to safely store their firearms through his proposal to offer a $500 tax credit for gun storage expenses.

“This legislation could incentivize more Hoosiers to utilize gun storage devices, which goes hand in hand with responsible gun ownership,” Hall said. “We know that safe storage can help ensure firearms don’t end up in the wrong hands whether that’s a criminal or small children. This is a commonsense measure that all sides should be able to come together and support.”

Hall said House Bill 1318 would provide a credit against a resident’s state income tax liability for the purchase of a qualified firearms storage device. The tax credit would equal the lesser of 20% of the storage expenses, or $500 for an individual filing a single tax return and $250 for a married taxpayer filing separately. Qualified firearms storage devices include a container designed to store firearms securely, like a safe, cabinet or lockbox, and a locking device that prevents a firearm from being operated without first deactivating the lock.

Indiana would join many other states that have passed similar laws including Tennessee, Texas, Michigan, Virginia, Massachusetts, Washington, Connecticut and Maine.

House Bill 1318 is assigned to the House Ways and Means Committee for consideration. Watch session and committees live, and view legislation at iga.in.gov.

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