Local Tax Issues
Gov. Youngkin Approves Tax Credit For Gun Safe Purchases
Virginia Governor Glenn Youngkin (R) [pictured below with wife, Suzanne Youngkin] has signed a bill approving a tax credit for the purchase of gun safes by residents of the state.
The bipartisan bill creates a $300 tax credit intended to reimburse people who invest in gun safes or other lockable gun containers.
This was the only gun safety legislation that passed the notably divided General Assembly.
Delegate Alfonso Lopez (D-Arlington), the bill’s sponsor, spoke out earlier this year, saying:
According to a report from Virginia Mercury, this nonrefundable credit can be claimed on state tax returns beginning in 2024. It is important to note that Virginia taxpayers will only qualify for this credit if they purchase eligible equipment from federally licensed firearms dealers. Furthermore, the credit does not apply to the purchase of firearms themselves.
In a unique show of support from both sides of the aisle, this truly bipartisan legislation was backed not only by the National Rifle Association (NRA) but by gun control groups like Giffords and Everytown for Gun Safety.
What do you think about Virginia's new gun safe tax credit?
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