House Bill 422

AN ACT TO PROVIDE AN INCOME TAX CREDIT FOR TAXPAYERS WHO PURCHASE A GUN SAFE OR OTHER DEVICE WHICH IS USED TO STORE FIREARMS AND LOCKS TO PREVENT ENTRY THERETO; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. For any individual taxpayer who purchases a

gun safe or other device which is used to store firearms and which locks in order to prevent entry thereto, a credit against the taxes imposed by this chapter shall be allowed in the amount provided in this section. The amount of the credit shall be equal to the lesser of the purchase price of any gun safe or other device purchased during a taxable year or the amount of income tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to such taxpayer under the state income tax laws, except credit for tax payments made by or on behalf of the taxpayer. In the case of married individuals filing separate returns, each person may claim an amount not to exceed one-half (1/2) of the tax credit that would have been allowed for a joint return. The credit provided in this section shall be limited to the taxable year for which the credit is claimed.

SECTION 2. Section 1 of this act shall be codified as separate code section within Article 1, Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 4. This act shall take effect and be in force from and after January 1, 2003.