Local Tax Issues

Gov. Youngkin Approves Tax Credit For Gun Safe Purchases

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.

Credit: Anna Moneymaker/Getty Images

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:

“ This bill is not about requiring people to do anything. It’s not about banning anything. It’s not taking anything away. This bill simply gives a tax credit to try and incentivize something that many law-abiding gun owners already do. ”


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.

Credit: Creatas/Getty Images

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?

You Might Also Enjoy:

share this post
Search for matches...
Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts