Firearm Theft Prevention Act of 2004

Firearm Theft Prevention Act of 2004 - Amends the Internal Revenue Code to allow a nonrefundable tax credit for up to 25 percent of the cost of a safe in a residence for the storage of firearms which includes a secure locking mechanism and is designed to prevent unauthorized access by children under the age of 18. Limits the amount of such credit to $250.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5249 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 5249

      To amend the Internal Revenue Code of 1986 to provide for a 
    nonrefundable tax credit against income tax for individuals who 
   purchase a residential gun safe for the safe storage of firearms.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2004

 Mr. Houghton 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 provide for a 
    nonrefundable tax credit against income tax for individuals who 
   purchase a residential gun safe for the safe storage of firearms.

    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 ``Firearm Theft Prevention Act of 
2004''.

SEC. 2. CREDIT FOR RESIDENTIAL GUN SAFE PURCHASES.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 25B the 
following new section:

``SEC. 25C. RESIDENTIAL GUN SAFES.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this chapter for the 
taxable year an amount equal to 25 percent of the aggregate amount paid 
or incurred by the taxpayer during the taxable year for one or more 
qualified residential gun safes.
    ``(b) Limitation.--The credit allowed under subsection (a) for any 
taxable year shall not exceed $250.
    ``(c) Qualified Residential Gun Safes.--For purposes of this 
section, the term `qualified residential gun safe' means any container 
if such container--
            ``(1) is acquired by the taxpayer for the taxpayer's 
        personal use,
            ``(2) is designed to fully contain one or more firearms,
            ``(3) includes a secure locking mechanism,
            ``(4) is designed to prevent unauthorized access to its 
        contents by children under the age of 18, and
            ``(5) is tested and certified by a certification 
        organization that is accredited by an appropriate accreditation 
        organization, such as the American National Standards 
        Institute, as--
                    ``(A) complying with an appropriate performance 
                standard, such as Underwriters Laboratories (UL) 1037, 
                `Standard for Antitheft Alarms and Devices', or
                    ``(B) being capable of resisting a 5 minute attempt 
                to access the interior of the safe using household 
                tools when the safe is properly installed.
For purposes of paragraph (5)(B), the creation of an opening in a safe 
of less than 4 inches in diameter shall not be treated as having 
accessed the interior of the safe.
    ``(d) Inclusion of Installation Expenses.--For purposes of this 
section, any amount paid or incurred by the taxpayer for the 
installation of a qualified residential gun safe shall be treated as an 
amount paid or incurred for such safe.
    ``(e) Denial of Double Benefit.--No deduction or credit shall be 
allowed under this chapter (other than this section) for any amount 
taken into account in determining the credit under this section.
    ``(f) Married Couples Must File Joint Return.--If the taxpayer is 
married at the close of the taxable year, the credit shall be allowed 
under subsection (a) only if the taxpayer and taxpayer's spouse file a 
joint return for the taxable year.
    ``(g) Election to Have Credit not Apply.--A taxpayer may elect (in 
such form and manner and at such time as the Secretary may require) to 
have this section not apply for any taxable year.
    ``(h) Regulations.--The Secretary shall prescribe such regulations 
as may be necessary to carry out this section, including regulations to 
carry out subsection (c)(5).
    ``(i) Carryforward of Unused Credits.--If the credit allowable 
under subsection (a) for any taxable year exceeds the limitation 
imposed by section 26(a) for such taxable year reduced by the sum of 
the credits allowable under this subpart (other than this section and 
sections 23 and 1400C), such excess shall be carried to the succeeding 
taxable year and added to the credit allowable under subsection (a) for 
such taxable year. No credit may be carried forward under this 
subsection to any taxable year following the third taxable year after 
the taxable year in which the credit arose. For purposes of the 
preceding sentence, credits shall be treated as used on a first-in-
first-out basis.''.
    (b) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 25B the following new 
item:

``Sec. 25C. Residential gun safes.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.
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