Gun safe credit

(a) In general Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 26 the following new section: 25F. Gun safe credit (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 the amounts paid or incurred by the taxpayer for the taxable year for the purchase of a qualified gun safe. (b) Limitation The credit allowed under this section with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of $500 over the aggregate credits allowed under this section with respect to such taxpayer for all prior taxable years. (c) Qualified gun safe For purposes of this section, the term qualified gun safe means any safe, gun safe, gun case, lock box, or other device— (1) the original use of which commences with the taxpayer, (2) which is acquired by the taxpayer— (A) to store one or more firearms, and (B) not for resale, (3) which is designed, or can be used, for the secure and fully-contained storage of one or more firearms, and (4) which is designed to be unlocked only by authorized users by means of a key, a combination, biometric credentials, or other similar means. (d) Reduction in basis For purposes of this subtitle, the basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed. (e) No double benefit The amount of any deduction allowable under this chapter with respect to a property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed.. (b) Conforming amendment Section 1016(a) of such Code is amended by striking and at the end of paragraph (37), by striking the period at the end of paragraph (38) and inserting, and, and by adding at the end the following new paragraph: (39) to the extent provided in section 25F(d).. (c) 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 before the item relating to section 26 the following new item: Sec. 25F. Gun safe credit.. (d) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.