An act relating to revenue and taxation, the official text

1                            STATE OF OKLAHOMA

2              1st Session of the 60th Legislature (2025)

3 HOUSE BILL 2241                By: Munson

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6                            AS INTRODUCED

7   An Act relating to revenue and taxation; defining

    terms; creating income tax credit for firearm safety

8   devices; prohibiting credit from reducing tax

    liability to less than zero; providing five-year

9   carryover; and providing an effective date.

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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

13  SECTION 1.      NEW LAW  A new section of law to be codified

14 in the Oklahoma Statutes as Section 2357.407 of Title 68, unless

15 there is created a duplication in numbering, reads as follows:

16  A. As used in this section:

17  1. "Eligible transaction" means a transaction in which a

18 taxpayer purchases one or more qualified or qualifying expenses. An

19 eligible transaction shall not include the purchase of a firearm;

20  2. "Qualified expense" means firearm safety devices. Firearm

21 safety devices include a safe, gun safe, gun case, lock box, or any

22 other device designed to store a firearm and that is designed to be

23 unlocked only by means of a key, a combination, or other similar

24 means; and

    Req. No. 11083                                                 Page 1
1   3. "Taxpayer" means a natural person.

2   B. For taxable years beginning on or after January 1, 2026,

3 there shall be allowed as a credit against the tax imposed pursuant

4 to Section 2355 of Title 68 of the Oklahoma Statutes in the amount

5 of fifty percent (50%) of the qualified expense, provided such

6 credit shall not exceed One Thousand Dollars ($1,000.00).

7   C. The credit authorized by this section shall not be used to

8 reduce the income tax liability of the taxpayer to less than zero

9 (0).

10  D. To the extent not used, the credit authorized by this

11 section shall be allowed to carry over, in order, to each of the

12 five (5) following taxable years.

13  SECTION 2. This act shall become effective January 1, 2026.

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15  60-1-11083      AO  12/18/24

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