HB79: HB79 Firearm Safe Handling and Secure Storage Tax Credit Act; enact

26 LC 44 3562S The Senate Committee on Rules offered the following substitute to HB 79: A BILL TO BE ENTITLED AN ACT To amend Title 48 of the Official Code of Georgia Annotated, re lating to revenue and1 taxation, so as to provide for a tax credit for certain eligibl e expenses incurred for firearm2 safe handling instructional courses; to provide for an aggregat e annual cap; to provide for3 definitions; to provide for terms and conditions; to provide fo r credit preapproval by the4 department; to prohibit the creation of certain lists or databa ses; to provide for rules and5 regulations; to provide for automatic repeal; to provide for related matters; to provide for a6 short title; to provide for an effective date and applicability; to repeal conflicting laws; and7 for other purposes.8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 This Act shall be known and may be cited as the "Firearm Safe Handling Tax Credit Act."11 SECTION 2.12 Title 48 of the Official Code of Georgia Annotated, relating to revenue and taxation, is13 amended by adding a new Code section to read as follows:14 - 1 - 26 LC 44 3562S "48-7-29.11A.15 (a) As used in this Code section, the term:16 (1) 'Eligible expenses' means expenses incurred by an individu al taxpayer during the17 taxable year for the cost of a firearm safe handling instructional course.18 (2) 'Firearm' means any handgun, shotgun, rifle, or other weapon that will be converted19 or is designed to or may readily be converted to expel single o r multiple projectiles by20 action of an explosion of a combustible material.21 (3) 'Firearm safe handling instructional course' means an in-p erson training of at least22 two hours in duration that includes, but is not limited to, instruction on safe handling, use,23 and storage of firearms.24 (b)(1) Under the terms and conditions of this Code section, an individual taxpayer shall25 be allowed a credit against the tax imposed by Code Section 48- 7-20 in the amount of26 such taxpayer's eligible expenses or $300.00, whichever is less.27 (2) In no event shall the aggregate limit of tax credits allowed under this Code section28 for any year exceed $10 million.29 (c)(1) The department shall develop a procedure to be followed in the preapproval of any30 tax credit allowed pursuant to this Code section.31 (2) An individual taxpayer seeking a tax credit pursuant to this Code section shall apply32 to the department for preapproval of such tax credit. Such tax payer shall specify the33 taxable year for which he or she is seeking a tax credit.34 (3) Individual taxpayers that properly apply for preapproval of such tax credit following35 the procedure developed by the department shall be approved on a first-come, first served36 basis until the aggregate limit for such tax credits is reached for that year.37 (4) The department shall preapprove tax credits for each preapproval application within38 30 days and in the received order of submitted applications. Such preapproved tax credits39 shall be in the amount of $300.00 for each preapproval application.40 - 2 - 26 LC 44 3562S (5) In the event that an individual taxpayer applies for preapproval and the amount of tax41 credits available for the taxable year are not sufficient to fu lly fund the tax credits42 requested, the department shall deny such taxpayer's request an d shall not accept any43 additional preapproval applications from taxpayers for the taxable year.44 (d) For a tax credit allowed pursuant to this Code section, an individual taxpayer shall45 maintain receipts for purchases or costs relative to the eligib le expenses for three years46 following the submission of the taxpayer's tax return claiming such tax credit. Such receipts47 shall be made available upon request for review by the commissioner.48 (e) In no event shall the total amount of any tax credit under this Code section for a taxable49 year exceed the taxpayer's income tax liability. No unused tax credit shall be allowed to50 be carried forward to apply to the taxpayer's succeeding years' tax liability. No such tax51 credit shall be allowed the taxpayer against prior years' tax liability.52 (f) No person shall create any list of names regarding persons who have applied for or53 have been allowed a tax credit pursuant to this Code section except for purposes necessary54 to the administration of such credit.55 (g) The commissioner shall promulgate such rules and regulations as may be necessary for56 the implementation and administration of the provisions of this Code section.57 (h) This Code section shall stand repealed and reserved on December 31, 2031."58 SECTION 3.59 This Act shall become effective on January 1, 2027, and shall be applicable to taxable years60 beginning on or after such date.61 SECTION 4.62 All laws and parts of laws in conflict with this Act are repealed.63 - 3 -