Colorado General Assembly approves tax credit for firearm safety device purchases

The Colorado State Legislature has introduced House Bill 1128, aimed at promoting firearm safety through a new tax credit for the purchase of gun safety devices. Introduced on February 20, 2025, the bill seeks to address the growing concern over firearm safety by incentivizing responsible ownership practices among gun owners.

The key provision of House Bill 1128 establishes a tax credit for individuals who purchase gun safes or locks, which are essential for securing firearms. The credit will be available for income tax years 2027 and 2028, allowing eligible taxpayers to claim a portion of the costs associated with these safety devices. If the credit exceeds a taxpayer's liability, it can be carried forward for up to five years, with a cap of $5 million on the total credits that can be claimed in any given year.

The bill's proponents argue that while Colorado law mandates the inclusion of gun locks with firearm purchases, additional financial support for gun safety devices will further encourage responsible storage practices. The legislative declaration emphasizes the importance of safe firearm storage to prevent accidents and unauthorized access.

However, the bill has sparked debates among lawmakers and advocacy groups. Supporters highlight the potential for reducing gun-related incidents through enhanced safety measures, while opponents raise concerns about the implications of government incentives for firearm ownership. Some critics argue that the bill may inadvertently promote gun ownership rather than focusing solely on safety.

The economic implications of House Bill 1128 could be significant, as it may lead to increased sales of gun safety devices, benefiting manufacturers and retailers in the sector. Socially, the bill aims to foster a culture of responsibility among gun owners, potentially reducing the risks associated with firearm access.

As the bill moves through the legislative process, its future remains uncertain. Stakeholders are closely monitoring discussions, with potential amendments and further debates likely to shape its final form. If passed, House Bill 1128 could mark a notable step in Colorado's approach to firearm safety and responsible ownership.