La. R.S. 47:297.24 — Tax credit; purchases of firearm safety devices

A. For purposes of this Section, the following terms have the meanings ascribed to
them in this Subsection:
(1) "Eligible transaction" means a Louisiana sales transaction in which a taxpayer
purchases one or more firearm safety devices from a dealer that is required to collect sales
and use tax on the sale of the firearm safety device. An eligible transaction shall not include
the purchase of a firearm.
(2) "Firearm" shall have the meaning ascribed in R.S. 14:95.1.
(3) "Firearm safety device" means a safe, gun safe, gun case, lock box, or other
device that is designed to be or can be used to store a firearm and that is designed to be
unlocked only by means of a key, a combination, or other similar means.
B.(1) There shall be allowed a nonrefundable credit against the tax imposed by this
Chapter for the purchase of one or more firearm safety devices. The amount of the credit
shall be equal to the cost that a taxpayer incurs in the purchase of one or more firearm safety
devices in an eligible transaction or five hundred dollars, whichever is less. A taxpayer shall
be allowed only one such credit per taxable year.
(2) The total amount of credits granted pursuant to the provisions of this Section
shall not exceed five hundred thousand dollars per calendar year.
(3) The granting of tax credits authorized by this Section shall be on a first-come,
first-served basis. If the total amount of credits claimed in a particular calendar year exceeds
the amount of tax credits authorized for that year, the Department of Revenue shall treat the
excess as having been applied for on the first day of the subsequent year. The department
shall treat all requests received on the same business day as received at the same time. If the
aggregate amount of the requests received on a single business day exceeds the total amount
of available tax credits, the department shall approve tax credits on a pro rata basis.
C. Each taxpayer who claims the credit authorized by this Section shall submit
purchase receipts with his income tax return to verify the amount of the purchase price of all
firearm safety devices purchased in an eligible transaction.
D. If the tax credit amount earned in accordance with this Section in a taxable year
exceeds the total tax liability of a taxpayer in that year, the amount of the credit not used as
an offset against the taxpayer's tax liability in the taxable year may be carried forward as a
credit against subsequent income tax liabilities for a period not to exceed five taxable years.
E. No credits authorized by this Section may be claimed for any taxable year
beginning after December 31, 2027.