[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 423 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 423

   To amend the Internal Revenue Code of 1986 to allow individuals a 
   refundable credit against income tax for the fair market value of 
         firearms turned in to local law enforcement agencies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 6, 2001

 Mr. Becerra introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to allow individuals a 
   refundable credit against income tax for the fair market value of 
         firearms turned in to local law enforcement agencies.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gun Retrieval to Build Safer 
Communities Act''.

SEC. 2. REFUNDABLE CREDIT FOR FAIR MARKET VALUE OF FIREARMS TURNED IN 
              TO LOCAL LAW ENFORCEMENT AGENCIES.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by redesignating section 35 as section 36 and by inserting 
after section 34 the following new section:

``SEC. 35. FAIR MARKET VALUE OF FIREARMS TURNED IN TO LOCAL LAW 
              ENFORCEMENT AGENCIES.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this subtitle an amount 
equal to the fair market value of any firearm turned in to a local law 
enforcement agency by such individual, but only if a program described 
in subsection (c) is in effect at such agency.
    ``(b) Limitation.--The credit allowed by this section for any 
taxable year shall not exceed $500.
    ``(c) Local Law Enforcement Agency Program.--The credit under 
subsection (a) is allowable only if the firearm of the taxpayer is 
turned in to a local law enforcement agency that has established a 
program for purposes of the credit to collect and destroy firearms, 
provide receipts to taxpayers for firearms turned in, and keep records 
of the activities of the program.
    ``(d) Definitions.--For purposes of this section, the term 
`firearm' has the meaning provided by section 5845(a).
    ``(e) Regulations.--The Secretary shall prescribe regulations to 
carry out this section, including regulations providing for claiming 
the credit under this section on Form 1040EZ.''
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 1324(b) of title 31, United 
        States Code, is amended by inserting before the period ``, or 
        from section 35 of such Code''.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of such Code is amended by striking 
        the last item and inserting the following new items:

                              ``Sec. 35. Fair market value of firearms 
                                        turned in to local law 
                                        enforcement agencies.
                              ``Sec. 36. Overpayments of tax.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.
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