The “Support Assault Firearms Elimination and Reduction for our Streets Act” would amend the Internal Revenue Code to “allow a credit against tax for surrendering to authorities certain assault weapons.”
Section 25E of the bill reads: In the case of an individual who surrenders a specified assault weapon to the United States or a State or local government (or political subdivision thereof) as part of a Federal, State, or local public safety program to reduce the number of privately owned weapons, on the election of the taxpayer there shall be allowed as a credit against the tax imposed by this chapter an amount equal to $2,000.”
The bill states that the $2,000 tax credit will be allowed for the taxable year in which the weapon is surrendered and that only one credit will be permitted for each taxable year.
The weapon must be lawfully possessed.
The weapons listed in the bill are AK-47s, AR-15s, the Bushmaster XM15, the M1 Carbine, the TEC-9 and any semi-automatic rifle that has a detachable magazine.
The full list of tax-credit-eligible weapons is listed here.
The shooting of 20 children and six adults at Sandy Hook Elementary School in Newtown, Conn., has moved gun control to the top of the Obama administration’s agenda.
On Wednesday, Jan. 16, President Obama unveiled 23 “executive actions” on “gun violence,” but none involving tax credits.
The price of firearms has surged since the Newtown shooting, with many semi-automatic weapons more than doubling in price. As things stand now, the $2,000 tax credit would be roughly equal to the sales price of many semi-automatics.
Delauro’s bill has been referred to the House Ways and Means Committee.