[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4512 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4512

  To amend the Internal Revenue Code of 1986 to encourage the use of 
                      safety devices in firearms.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 18, 2002

 Mr. Langevin 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 encourage the use of 
                      safety devices in firearms.

    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 Safety Incentives Act of 2002''.

SEC. 2. FIREARM SAFETY DEVICES CREDIT.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business-related 
credits) is amended by adding at the end the following new section:

``SEC. 45G. FIREARM SAFETY DEVICES CREDIT.

    ``(a) General Rule.--For purposes of section 38, in the case of the 
manufacturer of firearms, the firearm safety devices credit determined 
under this section for the taxable year is an amount equal to 50 
percent of the sum of--
            ``(1) the firearm chamber load indicator expenses paid or 
        incurred by the taxpayer for the taxable year, and
            ``(2) the qualified chamber blocking device expenses paid 
        or incurred by the taxpayer for the taxable year.
    ``(b) Firearm Chamber Load Indicator Expenses.--For purposes of 
this section--
            ``(1) In general.--The term `firearm chamber load indicator 
        expenses' means the aggregate amount of the portion of the 
        costs of a firearm which is attributable to the incorporation 
        of a chamber load indicator device in such firearm.
            ``(2) Chamber Load Indicator Device.--The term `chamber 
        load indicator device' means a plainly visible device in a 
        contrasting color that clearly indicates whether the firearm is 
        loaded.
    ``(c) Qualified Chamber Blocking Device Expenses.--For purposes of 
this section--
            ``(1) In general.--The term `qualified chamber blocking 
        device expenses' means the aggregate amount of the costs of 
        manufacturing or acquiring a qualified chamber blocking device.
            ``(2) Qualified chamber blocking device.--The term 
        `qualified chamber blocking device' means a device which is 
        inserted through the breach and into the barrel of a firearm 
        and, when in position, extends beyond the end of the barrel of 
        such firearm.
    ``(d) Denial of Double Benefit.--No deduction or other credit shall 
be allowed under this chapter for any amount taken into account in 
determining the credit under this section.
    ``(e) Election Not To Claim Credit.--This section shall not apply 
to a taxpayer for any taxable year if such taxpayer elects to have this 
section not apply for such taxable year.''.
    (b) Credit To Be Part of General Business Credit.--Subsection (b) 
of section 38 of such Code (relating to general business credit) is 
amended by striking ``plus'' at the end of paragraph (14), by striking 
the period at the end of paragraph (15) and inserting ``, plus'', and 
by adding at the end the following new paragraph:
            ``(16) the firearm safety devices credit determined under 
        section 45G(a).''.
    (c) Conforming Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 45F the following new 
item:

                              ``Sec. 45G. Firearm safety devices 
                                        credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2003.
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