Committee advances tax credit for lockable gun and ammunition storage after amendments

Amelia, a committee bill presenter, summarized Senate Bill 74 as a refundable income tax credit for expenditures on lockable gun and ammunition storage for tax years 2025 through 2027. Amelia said the credit would equal 25% of eligible expenditures and be capped at $250 per taxpayer per year.

Senator Peterson offered and moved an amendment to clarify eligible storage so that storage not primarily designed for guns and ammunition (for example, a general-purpose storm shelter or a non-gun-focused vehicle storage) would not qualify. Senator Peck seconded the amendment and described concerns that the credit should target storage designed primarily for firearms and ammunition. The committee adopted the amendment by voice vote.

Senator Tyson then moved to remove the refundable treatment and replace it with a carry-forward mechanism; Senator Peck seconded. Senators discussed refundability and committee fiscal management. Senator Peterson said he understood the policy goal of broad access but accepted the committee's will to limit refundables. The motion to strike "refundable" and put in carry-forward language carried by voice vote.

After amendments, Senator Peterson moved the committee to pass Senate Bill 74 out of committee favorably for passage; Senator Owens seconded. The committee approved the bill as amended by voice vote.

During debate staff reported the bill's fiscal-note estimate had been revised downward since the hearing. Amelia reported the estimate changed from approximately $17 million (at the time of the hearing) to approximately $1.7 million in FY2026, $1.8 million in FY2027 and $1.9 million in FY2028.

The committee's action advances an amended version of SB 74 that (1) defines eligible lockable gun and ammunition storage narrowly to exclude units whose primary purpose is not firearm storage and (2) removes refundability in committee in favor of a carry-forward approach, as a fiscal-control measure.