[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2770 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 2770
To amend the Internal Revenue Code of 1986 to allow for a credit
against tax for sales at retail of safe firearm storage devices.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 20, 2023
Mr. Levin (for himself, Mr. Lawler, Mr. Boyle of Pennsylvania, Mrs. Kim
of California, Mr. Vicente Gonzalez of Texas, and Ms. Salazar)
introduced the following bill; which was referred to the Committee on
Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow for a credit
against tax for sales at retail of safe firearm storage devices.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Prevent Family Fire Act of 2023''.
SEC. 2. SAFE FIREARM STORAGE CREDIT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:
``SEC. 45BB. SAFE FIREARM STORAGE CREDIT.
``(a) Allowance of Credit.--For purposes of section 38, the safe
firearm storage credit determined under this section for the taxable
year is an amount equal to 10 percent of amounts received from the
first retail sale of each safe firearm storage device sold by the
taxpayer for use within the United States during the taxable year.
``(b) Limitations.--
``(1) $400 per device.--The amounts received from a first
retail sale that are taken into account under subsection (a)
with respect to a safe firearm storage device shall not exceed
$400 per device.
``(2) Fair market value.--The amount taken into account
under subsection (a) shall not include amounts in excess of the
fair market value of such safe firearm storage device.
``(c) Definitions and Special Rules.--For purposes of this
section--
``(1) Determination of price.--In determining price, there
shall be excluded, if stated as a separate charge, the amount
of any retail sales tax imposed by any State or political
subdivision thereof or the District of Columbia, whether the
liability for such tax is imposed on the vendor or vendee.
``(2) First retail sale.--The term `first retail sale'
means the first sale, for a purpose other than for resale or
leasing in a long-term lease, after production, manufacture, or
importation.
``(3) Safe firearm storage device.--
``(A) In general.--The term `safe firearm storage
device' means a device that is--
``(i) designed and marketed for the
principal purpose of denying unauthorized
access to, or rendering inoperable, a firearm
or ammunition, and
``(ii) secured by a combination lock, key
lock, or lock based on biometric information
which--
``(I) is integrated into the design
of the device, and
``(II) once locked, is incapable of
being opened without the combination,
key, or biometric information,
respectively.
``(B) Exclusion.--The term `safe firearm storage
device' does not include--
``(i) any device which is incorporated to
any extent into the design of a firearm or of
ammunition, or
``(ii) any device that, as of the date of
the sale described in subsection (a), has been
subject to a mandatory recall by the Consumer
Product Safety Commission.
``(C) Firearm; ammunition.--The terms `firearm' and
`ammunition' have the meanings given such terms in
section 921 of title 18, United States Code (without
regard to all that follows `firearm silencer' in
paragraph (3) of such section).
``(d) Recapture.--
``(1) In general.--The Secretary shall, by regulations,
provide for recapturing the benefit of any credit allowable
under subsection (a) if such credit is improperly or
excessively claimed.
``(2) Documentation.--The Secretary may require such
information or registration as the Secretary deems necessary
for purposes of recapture under paragraph (1).
``(e) Termination.--This section shall not apply to sales after
December 31, 2030.''.
(b) Credit Made Part of General Business Credit.--Subsection (b) of
section 38 of the Internal Revenue Code of 1986 is amended by striking
``plus'' at the end of paragraph (40), by striking the period at the
end of paragraph (41) and inserting ``, plus'', and by adding at the
end the following new paragraph:
``(42) the safe firearm storage credit determined under
section 45BB(a).''.
(c) Credit Allowed Against AMT.--Section 38(c)(4)(B) of such Code
is amended by redesignating clauses (x) through (xii) as clauses (xi)
through (xiii), respectively, and by inserting after clause (ix) the
following new clause:
``(x) the credit determined under section
45BB,''.
(d) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:
``Sec. 45BB. Safe firearm storage credit.''.
(e) Report.--The Secretary of the Treasury shall make publicly
available an annual report of the credits against tax allowed by reason
of section 45BB (as added by this section), disaggregated by State.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
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