Prevent Family Fire Act of 2022
Bill: H.R.9060 | Sponsor: Rep. Levin, Mike (D-CA)
Policy area: Taxation

Summary:
Prevent Family Fire Act of 2022
This bill allows a new business-related tax credit, through 2030, for 10% of the amount of 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.

To amend the Internal Revenue Code of 1986 to allow for a credit 
    against tax for sales at retail of safe firearm storage devices.

    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 ``Prevent Family Fire Act of 2022''.

SEC. 2. SAFE FIREARM STORAGE CREDIT.

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

``SEC. 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' 
        means a device that is--
                    ``(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' 
        does not include--
                    ``(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' and 
        `ammunition' have the meanings given such terms in section 921 
        of title 18, United States Code (without regard to all that 
        follows `firearm silencer' in paragraph (3) of such section).
    ``(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 of the Internal Revenue Code of 1986 is amended by striking 
``plus'' at the end of paragraph (32), by striking the period at the 
end of paragraph (33) and inserting ``, plus'', and by adding at the 
end the following new paragraph:
            ``(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.
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