Prevent Family Fire Act of 2022

To amend the Internal Revenue Code of 1986 to allow for a credit against tax for sales at retail of safe firearm storage devices. 1. Short title This Act may be cited as the Prevent Family Fire Act of 2022 2. Safe firearm storage credit (a) In general Subpart D of part IV of subchapter A of chapter 1 45U. Safe firearm storage credit (a) Allowance of credit For purposes of section 38, the safe firearm storage credit determined under this section for the taxable year is an amount equal to 10 percent of amounts received from the first retail sale of a safe firearm storage device for use within the United States. (b) Limitation (1) In general The amount taken into account under subsection (a) with respect to a safe firearm storage device shall not exceed $400. (2) Value If, in connection with a sale of a safe firearm storage device, the transferee receives other property, the amount taken into account under subsection (a) shall be limited to the amount received solely with respect to the safe firearm storage device, which shall be determined based on the value of the safe firearm storage device relative to the value of such other property. (c) Safe firearm storage device For purposes of this section— (1) In general The term safe firearm storage device (A) designed and marketed for the principal purpose of denying unauthorized access to, or rendering inoperable, a firearm or ammunition, and (B) secured by a combination lock, key lock, or lock based on biometric information which, once locked, is incapable of being opened without the combination, key, or biometric information, respectively. (2) Exclusion The term safe firearm storage device (A) any device which is incorporated to any extent into the design of a firearm or of ammunition, or (B) any device that, as of the day of the sale described in subsection (a), has been subject to a mandatory recall by the Consumer Product Safety Commission. (3) Firearm; ammunition The terms firearm ammunition firearm silencer (d) Termination This section shall not apply to sales after December 31, 2030. . (b) Credit made part of general business credit Subsection (b) of section 38 plus , plus (34) the safe firearm storage credit determined under section 45U. . (c) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 45U. Safe firearm storage credit. (d) Report The Secretary of the Treasury shall make publicly available an annual report of the credits against tax allowed by reason of section 45U (as added by this section), disaggregated by State. (e) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Summary: Prevent Family Fire Act of 2022 This bill allows a new business-related tax credit, through 2030, for 10% of the amount of&nbsp;the first retail sale of a safe firearm storage device. The amount upon which the credit is based may not exceed $400. A safe firearm storage device is a device that (1) is designed and marketed to deny unauthorized access to, or rendering inoperable, a firearm or ammunition; and (2) is secured by a combination lock, key lock, or lock based on biometric information.