Law Officer's Armor Vest Tax Credit Act of 1997

Summary: Law Officer's Armor Vest Tax Credit Act of 1997 - Amends the Internal Revenue Code to permit, for a law enforcement officer, a credit for 100 percent of the costs (up to $1,200) of an armor vest purchased by the officer.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Law Officer's Armor Vest Tax Credit 
Act of 1997''.

SEC. 2. CREDIT FOR AN ARMOR VEST PURCHASE.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 23 the 
following new section:

``SEC. 24. PURCHASE OF AN ARMOR VEST BY A LAW ENFORCEMENT OFFICER.

    ``(a) Allowance of Credit.--In the case of an individual who is a 
law enforcement officer, there shall be allowed as a credit against the 
tax imposed by this chapter an amount equal to 100 percent of the 
amount paid by the taxpayer for the purchase of an armor vest.
    ``(b) Limitations.--
            ``(1) Maximum credit.--The credit allowed under subsection 
        (a) shall not exceed $1,200 for each law enforcement officer.
            ``(2) Limitation to one vest.--The credit under this 
        section shall be allowed with respect to the purchase of only 
        one vest by the law enforcement officer within a 3-year period.
            ``(3) Carryforward of unused credits.--If the credit 
        allowable under subsection (a) for any taxable year exceeds the 
        limitation imposed by section 26(a) for such taxable year 
        reduced by the sum of the credits allowable under this subpart 
        (other than this section and section 23), such excess shall be 
        carried to the succeeding taxable year and added to the credit 
        allowable under subsection (a) for such taxable year. No credit 
        may be carried forward under this subsection to any taxable 
        year following the third taxable year after the taxable year in 
        which the armor vest is purchased. For purposes of the 
        preceding sentence, credits shall be treated as used on a 
        first-in first-out basis.
    ``(c) Definitions and Special Rules.--
            ``(1) Law enforcement officer.--
                    ``(A) In general.--The term `law enforcement 
                officer' means any officer, agent, or employee of the 
                United States or any State, territory, or political 
                subdivision thereof as authorized by law or by a 
                Government agency to engage in or supervise the 
                prevention, detection, investigation, or prosecution of 
                any violation of Federal, State, territorial, or local 
                criminal law.
                    ``(B) Certain individuals.--Such term includes--
                            ``(i) a sworn correctional officer of the 
                        United States or any State, territory, or 
                        political subdivision thereof as authorized by 
                        law, and
                            ``(ii) a private campus or educational 
                        institution security officer who has been 
                        granted special police powers under law.
            ``(2) Armor vest.--The term `armor vest' means--
                    ``(A) body armor, Type I or Type II-A, which 
                protects against .357 Magnum jacketed soft point 
                bullets, with nominal masses of 10.2 g (158 gr) 
                impacting at a velocity of 381 meters (1250 feet) per 
                second or less, and 9mm full metal jacketed bullets, 
                with nominal masses of 8.0 g (124 gr), impacting at a 
                velocity of 332 meters (1080 feet) per second or less; 
                or
                    ``(B) body armor which exceeds the specifications 
                stated in subparagraph (A), and which the law 
                enforcement officer's agency or department permits the 
                officer to wear on duty.
            ``(3) Special rule.--No credit shall be allowed under 
        subsection (a) if--
                    ``(A) the law enforcement officer has been issued 
                an armor vest by such officer's agency or department 
                for such officer's indefinite personal use, or
                    ``(B) the law enforcement officer has been offered, 
                within the 12-month period prior to the acquisition of 
                the armor vest, an armor vest by such officer's agency 
                or department for such officer's indefinite personal 
                use, but has declined to accept such offer.
    ``(e) Recapture for Certain Dispositions.--
            ``(1) In general.--If the taxpayer disposes of property 
        with respect to the purchase of which a credit was allowed 
        under subsection (a) at any time within the 36-month period 
        beginning on the date the taxpayer acquired such property, then 
        the tax imposed under this chapter for the taxable year in 
        which such disposition occurs shall be increased by an amount 
        equal to the amount allowed as a credit for the purchase of 
        such property.
            ``(2) Death of owner; casualty loss; involuntary 
        conversion; etc.--Paragraph (1) shall not apply to--
                    ``(A) a disposition of an armor vest on account of 
                the death of any individual having a legal or equitable 
                interest therein occurring during such 36-month period,
                    ``(B) a disposition of an armor vest on account of 
                the law enforcement officer losing such officer's 
                status as a law enforcement officer, whether 
                involuntary or not, during such 36-month period,
                    ``(C) a disposition of an armor vest during such 
                36-month period if such vest is damaged, destroyed, or 
                rendered unusable by--
                            ``(i) any bullet,
                            ``(ii) theft or casualty loss, or
                            ``(iii) compulsory or involuntary 
                        conversion (within the meaning of section 
                        1033), or
                    ``(D) a disposition of an armor vest during such 
                36-month period pursuant to a settlement in a divorce 
                or legal separation proceeding pursuant to which the 
                armor vest is sold.''
    (b) Clerical Amendment.--The table of sections for subpart A of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 23 the following new item:

                              ``Sec. 24. Purchase of an armor vest by a 
                                        law enforcement officer.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1996.